Mr. Speaker, my motion today on the P3 Stanton Renewal Project is about ensuring that public funds are being used for the right reasons. In speaking to this motion, I would like to reiterate my previous statement on the Stanton P3 project, which I spoke about a couple of weeks ago in a Member's statement.
Following the public technical briefing on the new Stanton Hospital, which took place on February 11, 2020, officials within the Departments of Health and Social Services and Infrastructure confirmed a series of pervading issues that have been plaguing the new building since it opened in May of 2019.
Mr. Speaker, for clarification, the initial amount designated for the new hospital was $350 million as of October 1, 2015, which was one month before the 2015 territorial election. This project over a 34-year period, which includes the old Stanton Legacy building, will now cost $750 million-plus. The operating and maintenance contract is also included in this P3. Boreal Health Partnership and Dexterra are the main proponents in this agreement. According to officials of the Departments of Health and Social Services and Infrastructure, this agreement/contract is being defended as a good agreement despite it putting our future governance and the people of the NWT in a crucial financial deficit because of a very dysfunctional agreement, decisions and final signoffs being done improperly on behalf of the people of the NWT. However, as an MLA who is concerned about P3s, I think the figure that the Department of Finance provided is neither concrete nor precise and it will cost much more than that. As all MLAs have experienced, we have had a couple of supplementaries in this 19th Assembly already.
Moreover, Mr. Speaker, the terms and conditions of the Stanton project are not clear, either. Once again, not enough attention was paid to the details of this agreement. When detail is not properly taken into account and politicians sign off on these types of agreements, these projects can and will have a major impact, both on the people of the NWT as well as the future of our government. This is exactly what happened with the P3 agreement of the new Stanton hospital along with the legacy building of the old Stanton hospital.
Mr. Speaker, accountability and transparency are extremely important when dealing with public money. The money that is being used belongs with the people of the NWT. Most of the P3s are contracted with southern companies, and the money flows south with little benefit to the NWT. P3s can be a positive way of doing business if we're dealing with northern companies or Indigenous groups and the detailed agreements are firm, signed off properly, and all monies stay in the North. Mr. Speaker, an objective overview by the Auditor General's office of this P3 project will be appreciated by the people of the NWT and the Ordinary MLAs of this 19th Assembly.
In closing, Mr. Speaker, public-private partnerships are an option if the Government of Northwest Territories management team follows the rules, options were looked at properly, and it understands that the money that is being spent belongs to people of the Northwest Territories. Accountability and transparency of public monies is paramount. Managing public monies is a privilege, not a right. Thank you, Mr. Speaker.