Thank you, Mr. Speaker. As we await for the Financial Administration Act, or the FAA, to come into force in April 2016, there still seems some questions around the foundation of documents
that
sets
up
requirements
the
government must meet in borrowing money in serving its debt. This is the updated Fiscal Responsibility Policy, which was also referenced earlier today in the fiscal update.
Mr. Speaker, this policy was brought in in 2008 and was only found as a pamphlet online. It was never properly enacted as a policy of government, which makes its very existence very difficult for Members, very difficult for the public to find and, to be truthful, to actually understand it.
Until this new FAA comes into force, changes to this policy may only be made unilaterally by the Minister of Finance without any consultation of his Cabinet colleagues or Members of this House. So my questions today are for the Minister of Finance.
There are six Canadian provinces that have passed the Fiscal Accountability Act, taking their rules and policies and placing them into law. So, aside from small modifications made to the new FAA, would the Minister at least agree that the GNWT’s Fiscal Accountability Policy needs to be updated and properly enacted in a more formal manner? Thank you, Mr. Speaker.