Thank you, Mr. Speaker. Establishing a revolving fund for the Yellowknife Airport is a critical step in the NWT's plans for improving how the airport is funded and managed. The Yellowknife Airport could be making money for itself if we ran it more like a business. That money could be put towards improvements in all kinds of areas. We're talking like things like parking, shorter security lines, more businesses in the terminal and in the holding area. With the way we're running the airport right now, Mr. Speaker, it's costing the government $4 million a year, and we still can't make these improvements.
Establishing a Yellowknife Airport Revolving Fund and running it more like a business would let the airport keep the revenue it collects and spend it directly on the operations and on capital improvements. Having the Yellowknife Airport fund itself through a revolving fund would also free up $4 million which the Government of Northwest Territories is currently spending that could be spent on other priorities in this Assembly. We think the proposal is a win-win, Mr. Speaker and have been engaged with the public and the business community to hear what they have to think. DOT has met with the NWT Chamber of Commerce, the Yellowknife Chamber of Commerce, NWT and Nunavut Chamber of Mines, Northern Air Transportation Association, NWT Tourism, City of Yellowknife, Aboriginal governments, and northern businesses that have expressed an interest in the initiative.
We hope we would get this legislation passed this session, Mr. Speaker, so we could start collecting this revenue and get on with some of the improvements we want to take and make at this airport as soon as possible. This motion throws off our schedule a little bit. It means we will miss out on collecting some of the money. But we get that committee wants to make more time to consult with the public on the proposed changes. We respect committee's wish to take the time to talk to the public and further review the bill. Cabinet will be abstaining from this motion, Mr. Speaker. Thank you.