Thank you, Mr. Speaker. Last week the Minister of Finance presented the 2017-18 GNWT budget. Welcome to the land of lost dreams and lost per diems. It's not what I would describe this submission. Mr. Speaker, compliance with the Fiscal Responsibility Policy by maintaining an AA1 credit rating through prudent sound financial management are fundamental principles of forecasting the best suitable O and M program and modest debt realization plan for the people of the Northwest Territories.
Mr. Speaker, our legislative directives must echo practical and physical attentive management. The pending budget is a reflection of this. The GNWT, with its competitive credit status, competitive taxation regimes, resource development potential, and abilities for diversification only must come to reality on what it possesses. One example we see is the approximate 90,000 visitors visiting our pristine attractions through the tourism sector.
Borrow to spend. Mr. Speaker, the notion you should borrow your maximum allowable ceiling to support program service delivery is a recipe for insolvency. Through meaningful departmental reviews on efficiencies we enhance maximization on value for program and service deliveries. If we can reduce by 1 per cent on efficiencies we will see over $100,000 in savings.
Mr. Speaker, the majority industry drivers to our economy are government, mining, construction, and tourism. These industries are supported by the supply chain vendor community, another economic contributor to the NWT economy. Combining these labour-intensive industries contributes an excess of 40 per cent of our NWT GDP. The recent announcements of the all-weather roads to Whati, to Canyon Creek forecast a labour allowance of 30 per cent that will contribute $70 million to the workforce community and training individuals.
Mr. Speaker, we must take and continue the national and international competitive approach for the potential resource productions that lie within our region. This is done by marketing strategy and strategic planning, through presentations and advertisements.
Mr. Speaker, we are in a post-production era for remaining opportunities. The abundance of resources identified by the many studies truly reveals the North's potential. Production means royalty revenues over and above TFS. With our aging infrastructure, it is of vital importance to position our physical capabilities for replacements and upgrades, Mr. Speaker; aging infrastructure. Our children should not experience going from one building to the next for continuation of education curricular studies. This can be experienced in the community of Colville Lake. Our youth deserve and expect better programming and services.
Consensus government means to work in collaboration with the territorial stakeholders, especially in the isolated smaller communities. The Sahtu region struggles with some of the highest and lowest income and unemployment rates and the highest cost of living, similar to other areas of the NWT.
I quote a study done last year which states, "Cost of living and inequality: heavy reliance by communities in the Sahtu region on imported food and fuel contributes significantly to the high cost of living. The cost of living in the NWT has been higher than the Canadian average for six of the past eight years, particularly in the Sahtu communities. Yellowknife residents pay 10 per cent more for the same food basket than Edmonton residents, while community residents of Tulita, Deline, and Norman Wells paid 50 per cent more than those in Yellowknife."
Mr. Speaker, Northerners are resilient. The North produced one of Canada's unique hydrocarbon oil fields, low in sulphur, sweet crude; in fact, so lucrative it was not included in the devolution agreement. This gold mine was founded by "Tommy the Ox," as my associate Member last year made so eloquently in his presentation, a prime example that agriculture and industry can work in harmony with each other. This proven history innovation only adds to homeland food security as identified in our agricultural strategy.
Mr. Speaker, guarantee the implementation effectively for all the foregoing analysis and, in my views, I will be supporting this budget. Mahsi, Mr. Speaker.
Last of all, consider government conventions. Point number three: open and respectable communication between all Members is the most central feature of consensus government. While it is important to reach unanimous agreement on all issues, the opportunity for all Members to have meaningful input into the important decisions is fundamental. Mahsi, Mr. Speaker.