Your Standing Committee on Government Operations is pleased to report on its review of Bill 10, Northwest Territories Heritage Fund Act, and commends it to the House.
Introduction
The Standing Committee on Government Operations is pleased to report on its review of Bill 10, Northwest Territories Heritage Fund Act. The bill would establish a Heritage Fund for the present and future residents of the Northwest Territories, to extend the benefit of today’s economic development and resource development for future generations.
The bill sets up the framework for investing funds allocated to it by the Legislative Assembly. Those savings will become the principal of the fund, which are permanent contributions. Only gains on the principal can be withdrawn, and such withdrawals cannot begin for at least 20 years.
Bill 10 received second reading in the Legislative Assembly on March 10, 2011, and was referred to the Standing Committee on Government Operations for review. The review began May 19, 2010, with opening comments from the Minister of Finance. The committee then held a public hearing in Yellowknife on May 20
, and a public clause-by-
clause review on August 12, 2011.
Support for the Bill and Recommendations from the Public
All submissions to the committee supported the creation of the Northwest Territories Heritage Fund, and included thoughtful suggestions for strengthening the bill. The committee received oral and written submissions from:
• Canadian Federation of Independent Business;
• Pembina Institute;
• West Point First Nation;
• Ecology
North;
and
• Alternatives
North.
In addition, a written submission was received from Weledeh MLA Bob Bromley. The committee thanks all those who contributed their time and effort to this important initiative for the people of the Northwest Territories.
Mr. Speaker, at this time I`d like to pass the floor over to my colleague and member of Government Ops, MLA Abernethy for Great Slave. Thank you.