I am pleased to present Bill 27, An Act to Amend the Revolving Funds Act.
The reason for this amendment is to increase the Fur Marketing Service Revolving Fund from $900,000 to $1.5 million.
The Government of the Northwest Territories supports the fur industry in the Northwest Territories through this fund and the Genuine Mackenzie Valley Fur Price Program.
It often takes a month to six weeks for the fur to be sold at auction after trappers deliver furs to the GNWT under the program. The advance payments made to the trappers from the fund allow them to continue trapping in the interim period.
Due to the increased popularity and steady growth in the NWT fur industry, it is anticipated that the current authorized limit of $900,000 will be reached by February 2014 and that the full increase in the authorized limit will be needed in the near future. Fur sales for the 2012-2013 fur-trapping season were the highest amount recorded in the last 30 years.
Failure to increase the limit will result in the GNWT not being able to make the advance payments for fur to trappers.
This amendment is designed to address the issue and support the traditional economy of the NWT. This increase in the fund will ensure uninterrupted program support to hunters and trappers so that they gain maximum benefits from strong market conditions.