Indigenous and Northern Affairs committee  I'm not sure what you mean by “what the provinces or federal government....” There are no limits of a similar nature on provinces or the federal government.

Indigenous and Northern Affairs committee  As I indicated in my comments, it would increase the limit. As I also stated, until we have clarity on what the definitions of borrowing are, it is hard to say whether it would increase our actual authority to borrow. But everything else being equal, it would increase our borrowing authority.

Indigenous and Northern Affairs committee  It would increase our limit.

Indigenous and Northern Affairs committee  It would be an improvement in that respect, yes.

Indigenous and Northern Affairs committee  The review is looking at the operations of the borrowing limit and how debt is defined. As a result of that review, if the definitions change--particularly with respect to how we currently define debt--then we may need to have a discussion about the limits themselves. But in terms of the review, perhaps Mr.

Indigenous and Northern Affairs committee  Thank you. I'd like to thank the standing committee for the opportunity to meet with you as part of your deliberations on Bill C–530, a private member's bill that would amend the Northwest Territories Act with respect to the Government of the Northwest Territories' authority to borrow.

Indigenous and Northern Affairs committee  One other significant anomaly in our government's authority is the inability to borrow without federal cabinet approval. Section 20 of the Northwest Territories Act requires the GNWT to obtain Governor in Council approval to borrow. The most recent order in council approved last April authorizes the GNWT to borrow up to $575 million until March 31, 2015, and up to $500 million thereafter.

Finance committee  Yes, in the absence of devolution, we don't have the royalties to put into a heritage fund. But that's not to say we shouldn't at least be looking at what we might want to do.

Finance committee  As we've discussed already, the Government of the Northwest Territories doesn't control the royalty regime in the Northwest Territories right now; it's under federal control. Obviously, we want to transfer that responsibility through devolution. Ultimately we would be looking to have control of the royalty regime in the Northwest Territories.

Finance committee  I'm not sure I understood the question completely. Certainly we are interested in participating in discussions about the regulatory regime.

Finance committee  The federal government has made the point that they consider the Normal Wells oilfield and their interest in that to be an investment and a return on investment. We take a different position: those are simply royalties in a different form.

Finance committee  I'm going from memory, so don't hold me to this. I think the 2007-08 public accounts would be the most recent numbers. We don't have 2008-09 numbers, so they'd be based on numbers that are tied to a much higher price of oil. I think it was in the order of $100 million, but it could be lower this year since the oil price is lower.

Finance committee  Yes. We have identified the Talston project as a priority. We're also, as you mentioned, over this year and the following three years, planning to invest $60 million in alternative energy projects and in finding ways to lower the cost of energy for northerners. We will also be looking to find some federal support for some other projects that we're still looking at.

Finance committee  The amounts that are needed in the north are significant. I don't want to give dollar figures right now, but when we talk about our infrastructure needs, they are in the many hundreds of millions of dollars. That's why, when we talk about allocating infrastructure money on a per capita basis, it just makes no sense whatsoever.

Finance committee  Certainly. Devolution, for us, is more than only access to the royalties associated with resource development. Devolution means transfer of the responsibility for the management and control of NWT resources to the NWT. As you say, having the control of that management regime gives us much more say and much more control over how our resources are developed and more control over our own economic future.