Thank you, Madam Chair. I'm here to introduce Bill 24, an Act to Amend the Revolving Funds Act.

The Revolving Funds Act establishes several revolving funds in operation in the Northwest Territories and sets out the authorized limits for those funds. One of these is the Petroleum Products Revolving Fund, through which the Government of the Northwest Territories funds the cost of purchasing, selling, and distributing petroleum products to consumers served by the Department of Infrastructure.

A feature of the Petroleum Funds Revolving Fund is the Petroleum Products Stabilization Fund, the limits of which have remained unchanged since 2005 while the cost of fuel has doubled, the volume of fuel sales has tripled. This proposed bill will amend the Revolving Funds Act to increase the Petroleum Products Stabilization Fund's maximum limit from $1 million to $3 million, which provides the department's budget with greater protection from program losses.

The increase in the maximum limit will support the Government of the Northwest Territories' ability to better manage events and inevitable changes in petroleum product costs and smooth changes to petroleum product prices for NWT communities.

It is important to note that the bill does not seek additional appropriations. It is simply intended to increase the capacity of the Stabilization Fund feature of the Revolving Fund.

The Standing Committee on Economic Development and Environment has indicated their support for the passage of Bill 24. I thank the standing committee and the public for their work in the review of the bill.

This concludes my opening remarks regarding Bill 24. I'm prepared to answer questions if Members have any. Thank you, Madam Chair.