Thank you, Mr. Chair. I am pleased to introduce Bill 7: An Act to Amend the Revolving Funds Act. The proposed bill would amend the Revolving Funds Act to establish a new revolving fund for the Yellowknife Airport with an authorized limit of $36 million. The purpose of this fund would be to support the ongoing capital and operations and maintenance expenditures of the Airport.
With the establishment of a revolving fund, all revenues generated by the Yellowknife Airport would be retained by the airport, eliminating our reliance on Government of the Northwest Territories subsidies to improve this critical piece of infrastructure.
Currently, operating expenditures for the airport are paid from the Department of Transportation’s annual appropriation, and capital expenditures are approved through the capital budget planning process. As such, the airport competes with hospitals, schools, and all other Government of the Northwest Territories programs for funding. This model does not allow for sufficient financial resources to support the effective long-term infrastructure investment, economic development, and business the airport needs to grow.
Air transportation in the North is vital to keeping NWT residents connected, brings economic benefits to people across the territory, and acts as a catalyst to enhance business and tourism growth.
Although we continue to work with and lobby the federal government for additional infrastructure funding, there is no guarantee. We need to act now to make improvements to ensure a safe, secure, and efficient Yellowknife Airport.
A dedicated source of funding for the airport means we will be able to invest in various improvements to the terminal building enhancing the traveller experiences and attracting new business. Making airport security more efficient, expansions in and outside the terminal such as de-icing and services after security are upgrades that key stakeholders and members of the public have repeated they want at the airport.
Bill 7 is the next step in working together with air carriers, tourism, businesses, and the public to strengthen the Yellowknife Airport in support of better passenger services, the delivery of essential cargo, and the development of northern businesses. Thank you, Mr. Chair.