Thank you, Mr. Bouchard. The Member for Deh Cho, Mr. Nadli.

Thank you, Mr. Speaker. I, too, would have to put my statement aside, but picking up some points from the statement that I’d planned today, first and foremost I have to commend the Minister for taking a bold step, and Cabinet, in terms of increasing the Heritage Fund from 5 to 25 percent, a fairly significant investment for the NWT.

Nonetheless, the Heritage Fund is a vital component of how we use the revenues from our non-renewable resources. As we approach the implementation of the Devolution Agreement, the role of the Heritage Fund is among the important decisions that the NWT has to make. Establishing such a fund is a complex and controversial process, but it is essential to how we move forward as a territory.

The NWT has a wealth of minerals, oils and gas, and these resources are costly to develop. While it is impossible to predict when they are developed, once they are gone they will not benefit anyone. A well-managed Heritage Fund will ensure that money accrues for future needs when we develop non-renewable resources today.

There are models of successful funds in place today that promise jurisdictions will benefit from non-renewable resource development even after major operations are long gone.

There are enormous pressures to spend the resource revenues now on major infrastructure investments, such as roads, airports, hospitals and schools and on fiscally responsible debt repayment,

but our constituents, the people of the NWT, have made it clear they want a meaningful portion of this money saved for the future.

Today I applaud the move of the Finance Minister to really listen to the people of the NWT and put aside 25 percent of the resource revenues towards the Heritage Fund for future investments. Mahsi.

Thank you, Mr. Nadli. The Member for Yellowknife Centre, Mr. Hawkins.

Thank you, Mr. Speaker. I would like to respond to the Minister’s statement on the Heritage Fund contributions. I would like to begin by thanking my colleague Ms. Bisaro for stating many of the shortcomings of where we are at right now with regards to developing the Heritage Fund.

With regard to the Minister’s statement, I think pulling the wool over our eyes would be the most appropriate thing that comes to mind here. The net fiscal benefit resulting from our collection of resource royalties as a result of devolution is booked, although dollars are slow to flow.

The Minister has repeatedly claimed to have included 5 percent of the net fiscal benefit in our 2014-15 budget, but a quick scan reveals on page 5-14 of the Department of Finance budget, that in fact is all he allocated is $250,000, the same as last year and far short of the $2 million to $3 million that 5 percent would be.

The resource royalty collection that the Minister has booked for 2014-15, this fiscal year under discussion, is $120 million. Page 12-9 of the Industry, Tourism and Investment budget shows this clearly, of which we expect $60 million will go to the federal government as per the agreement, leaving $60 million for the GNWT booked during again fiscal year 2014-15.

The Minister is allocating 25 percent of the net fiscal benefit to Aboriginal governments during the 2014-15 budget. That is entirely appropriate because we are booking the revenues. This amount is $15 million, as clearly laid out on page 5-18 of the Department of Finance budget under discussion. Yet the Minister here is grandly offering, in his statement earlier today, to meet Members’ request for 25 percent into the Heritage Fund for this 2014-15 budget year under discussion by providing 25 percent in the 2015-16 year, a year that is not under discussion here. This is obtuse and is further evidence of a lack of forthright dealings to address this issue.

Further, this is absolute bafflegab, apparently meant to confuse and misdirect us into accepting this grand offer, which addresses his needs, not that of Regular Members.

In 2014-15 we are booking $120 million in royalties. We are booking 25 percent of the GNWT’s net fiscal benefit, $15 million to be paid to our Aboriginal partners.

Mr. Speaker, I seek unanimous consent to conclude my statement.

---Unanimous consent granted

In 2014-15 we are booking $120 million in royalties. We are booking 25 percent of our net fiscal benefits. That is $15 million to be paid in our 2014-15 budget to our Aboriginal government partners. Regular Members want 25 percent of GNWT’s net fiscal benefit to also be booked for ’14-15.

This House has been clear, the public has been clear about this 25 percent for many, many months, probably over a year. The Minister needs to start paying heed to the will of the House and not provide bafflegab where this is going to be met in some future years. Mahsi.