Thanks for the clarification. My other question has to do with the investment income interest earned on the NWT Opportunities Fund and it reflects in ’13-14 budget year a revised estimate of $7-plus million. My recollection is that that was the value of the fund. So is this, in fact, interest, $7 million in interest or is that simply how we’ve recorded it? Is the NWT Opportunities Fund now finished, is it empty, is it done and closed? A status update on the fund would be helpful and why have we recorded $7 million in interest? Thank you.

My last question then. The fund is going to be wrapped up by the end of this fiscal year, so that would be ’13-14, that’s why there’s no anticipated activity or revenue in ’14-15. Is that correct?

Thank you. Page 12-9, information item, revenue summary. Mr. Bromley.

Thank you, Madam Chair. Ms. Bisaro asked most of the questions that I had as well there, but perhaps I could just ask, do we know what the adjustments are to the $120 million to resource revenue royalties and so on that we are responsible for collecting, that this department is collecting? Do we know what the adjustments will be?

Thank you, Mr. Bromley. Minister Ramsay.

Thank you, Madam Chair. The $120 million represents a five-year average, and I’m not sure, maybe the Member could just clarify what adjustments he maybe is talking about.

Thank you for that information and I appreciate this is a five-year average. With Ms. Bisaro’s questioning, the deputy minister mentioned that adjustments would be made in the Department of Finance and reported in there. I’m wondering if we’d know what the amount of those adjustments will total.

Thank you, Mr. Bromley. Mr. Vician.

Thanks for that information. With my rudimentary math, that leaves 25 percent still remaining. Is that in this department somewhere?

My understanding is that those dollars could be anywhere in this budget, in the expenditures in this budget. Is that correct?

That seems pretty clear. Much clearer than the process I’ve experienced to date. I believe not only myself but many Members have requested input on where the other 25 percent goes, and we never really had that opportunity other than this general, you know, the dollars disappear into the budget sort of thing. I’m clear on that. Thank you.

The petroleum fees, $10,000 seems quite modest, and I know we don’t have much petroleum production, obviously. About a third of the egg levy. What are those for? I know we’re busy fracking and doing all kinds of stuff out there. Is that what the federal government collects in petroleum fees from the NWT?

Thank you, Mr. Bromley. Minister Ramsay.

Thank you, Madam Chair. The department will collect revenues from the administration of our petroleum interests in the NWT and these include non-refundable rentals on the Pointed Mountain oil and gas leases held by Lone Pine Resources, issuance fees and fees for services under the Frontier Lands Registration Regulations, for instance, there’s a $250 fee for the issuance of an exploration licence, and rentals due to the Crown for exploration licences as well.

Are those all within this $10,000 of revenue?

Yes.

I know what I’ve been paying for hunting licences and I know they increased in recent years and I’m sure the revenue is a lot more than that. This is nothing short of shameful. Does the Minister plan on upping these fees?

We’re mirroring the regulations that are in place and it remains to be seen what will happen once that happens and into

the future. I guess that’s a decision for another day past April 1st .

I know we’re collecting $10,000 in fees from the petroleum industry here, an amazingly small amount. At the same time, I suppose we’re now proposing to subsidize this same industry, the richest corporations in the world, with millions of taxpayer dollars from GNWT funds. That’s just an observation.