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.