Thank you very much, Mr. Chair. The Standing Committee on Government Operations held a public hearing on May 21, 2011, to review Bill 10, Northwest Territories Heritage Fund Act. The clause-by-clause review of the bill with the Minister took place on August 12, 2011.

The committee wishes to thank interveners for their oral and written submissions, including the Canadian Federation of Independent Business, Alternatives North, West Point First Nation, Pembina Institute, Ecology North, and MLA Bob Bromley.

There was unanimous support for a Heritage Fund, but there was also a chorus wanting improvement to the act including management that is more independent.

In response to this input, the committee, with the Minister’s concurrence, made four substantial amendments during its clause-by-clause review of the bill.

First, the purpose of the fund is spelled out to benefit future generations from economic development, including exploitation of non-renewable resources.

Second, the period of investment in the fund before any withdrawal was lengthened from 10 to 20 years.

Third, the requirement for annual public reporting is clarified.

Finally, and perhaps more importantly, there will be a review of the Heritage Fund Act in approximately 10 years, well before any money is withdrawn.

This review will include recommendations respecting independent oversight and management of the fund. All these changes strengthen the bill and it will be up to future governments to identify sources of funds to build the legacy it enables.

Following the clause-by-clause review a motion was carried to report Bill 10 as amended to the Assembly as ready for consideration in Committee of the Whole.

This concludes the committee’s general comments on Bill 10. Individual committee members may have questions or comments as we proceed. Thank you, Mr. Chair.