Thank you, Mr. Speaker, and thank you, Mr. Abernethy.
2. Ensuring that Section 96 (as well as Sections
89, 97 and 100, as originally proposed) of the Financial Administration Act applies to the Heritage Fund, providing for properly detailed annual reports, tabled in the House;
3. Extending the “no withdrawal” period from 10
years to 20 years;
4. Providing for a committee review of the
Northwest Territories Heritage Fund Act every 10 years, and determining that the first review should include:
a. An examination of the operation of the act;
b. Recommendations respecting how to obtain
public input on the expenditures to be made from the fund;
c. Recommendations respecting independent
oversight and management of the Heritage Fund; and
d. Recommendations
respecting
any
amendments that should be made to the act;
and
5. Establishing the Northwest Territories Heritage
Fund Act only be amended by a special two-thirds majority of Members of the Legislative Assembly.
The Minister of Finance concurred with all the amendments except the final one. Thus, the first four amendments are included in the bill as referred to the Assembly for consideration in Committee of the Whole. The Standing Committee on Government Operations appreciates the Minister’s cooperation in the development of this historic bill.
Additional Comments and Recommendations
Members of the Standing Committee on Government Operations agree with the Minister of Finance that the Northwest Territories Heritage Fund Act, while a major step forward, represents a `bare-bones` framework for investment. It will be the job of future Assemblies to flesh out the act and regulations to ensure sufficient public input and accountable, independent management when the time is right. It will also be the job of future Assemblies to allocate money to the fund. Growth of the fund will be a significant challenge in the next several years. However, once the Heritage Fund is established, NWT residents will expect to see deposits made, even if they are modest.
Mr. Speaker, I have three recommendations.
Recommendation 1
The Standing Committee on Government Operations recommends that the 17
Legislative Assembly Standing Committee on Rules and Procedures strongly consider adding the automatic referral of the annual report of the Northwest Territories Heritage Fund to the terms of reference to the appropriate standing committee.
Recommendation 2
The Standing Committee on Government Operations recommends that the government draft regulations for the operation of the Heritage Fund and refer them to the appropriate standing committee for review and feedback in a timely manner.
Recommendation 3
The Standing Committee on Government Operations recommends that the Caucus of the 17
Legislative Assembly establish a process
convention to facilitate the referral of a limited category of regulations to standing committee for review and comment prior to their final enactment.
Mr. Speaker, that now brings me to the motion.