Thank you, Mr. Chair. I am pleased to introduce Bill 26, An Act to Amend the Revolving Funds Act, No. 2. This bill would amend the Revolving Funds Act and establish a new revolving fund for the Marine Transportation Services with an authorized limit of $35 million. The proposed revolving fund would meet the capital operating and maintenance requirements in providing marine transportation services to the communities on Great Slave Lake, Mackenzie River, and the Arctic Coastal Region. A business model for Marine Transportation Services is currently under development, which will help determine how Marine Transportation Services will be operated in the future.
The summer operations will inform the analysis as to which business model will likely be the most appropriate. We will return with options for the long-term structure of this entity in the fall. In the interim, segregating monies by means of this revolving fund will allow these marine operations to be self-financing. Costs associated with ongoing operations, maintenance, and capital expenditures in this manner will not require the government of Northwest Territories to fund these through appropriations as is required from normal program delivery. It will also prevent financial confusion and ultimately facilitate the transition to a long-term business model once it is decided upon.
Our purchase of the shipyard, terminals, and marine fleet is a strategic investment in transportation infrastructure that provides jobs, helps stimulate our economy, and will maintain the Mackenzie River as a primary route for safely and effectively moving essential goods to our communities. Bill 26 will facilitate a successful sailing season this summer as we consider options for the long-term business model of the Marine Transportation Services. This is a key step that will ensure a seamless transition to critical marine re-supply services for NWT residents and businesses now and into the future. Thank you, Mr. Chair.