Mr. Speaker, we are debating a very important subject. I want to indicate that on this side of the House we do not believe for a moment that we have to choose between addressing what is a social issue and what is being considered as an economic issue. When it comes to first nations, the government has consistently taken action on both fronts, if not in parallel but at a complementary time.
Bills C-7 and C-19 are not only priorities on which the government is moving ahead but also we have moved ahead in other areas such as housing, water and sewer infrastructure, economic development and education. An advisory panel has made a number of recommendations to improve education. Funding for economic development has increased from $25 million to $125 million over the past two years. This funding has leveraged in excess of $400 million in other forms of equity and debt financing and has translated into real change and made a real difference in the quality of life for our aboriginal people.
In addition this action is empowering and creates good governance which is considered the foundation of self-sufficiency and economic development for these communities.
Almost 75% of those who responded to a recent survey done by Ekos Research agreed that providing the tools for good governance will improve conditions for economic and social development.
Well-functioning communities are based on good governance structures that can respond to the needs and aspirations of their people.
This proposed legislation will encourage economic development, will foster self-sufficiency and will lead to improved living conditions in first nations communities.
These statements are not based on wishful thinking or unfettered optimism. The government has already shown concrete evidence of how the institution to be legislated through Bill C-19 will benefit first nations.
For example, as has been mentioned the experience of the Indian Taxation Advisory Board, or ITAB, which will evolve into the first nations tax commission under Bill C-19, has shown us what can be achieved when first nations have more direct involvement in their fiscal matters.
Since it was created back in 1989, ITAB has helped about 90 first nations enter the field of property taxation. A further 29 first nations tax systems are now in development. With the help from ITAB, first nations across Canada have raised a combined total of more than $200 million in tax revenues over the past 13 years.
These first nations have generated more than $40 million annually in revenues through their property tax regimes. First nations with the authority to tax have used this revenue to provide services, build infrastructure and create jobs and businesses in their communities.
For example, property taxes have generated the necessary annual revenues required by the Innu of Uashat Mak Mani-Utenam adjacent to the city of Sept-Îles, Quebec to support community initiatives and increase participation in the local economy. Also, major projects that have been supported since taxation have been implemented and these projects include the building of a Sobey's supermarket and a Unitotal hardware store in the on reserve shopping centre development.
The tax system of the Squamish Nation has contributed to the construction of two gymnasiums used for education and social and recreational purposes, which serve as an integral part of the community in service to residents. Squamish also demonstrates the competitive nature of first nation taxation, with tax rates comparable to those in North Vancouver.
Also, Westbank First Nation taxpayers benefit from tax revenue through the first nation's implementation of new projects such as a new water system, purchasing private lands for parks and recreation purposes, paving and maintaining band roads, and building a new gymnasium and recreation centre. Besides other major projects, Westbank First Nation has the opportunity to invest in the community and to establish capital reserve funds for future projects.
We can see that these first nations, along with others that have implemented a property tax system on reserve, are in fact providing improved services to residents and building a stable and sustainable local economy for their communities. The First Nations Finance Authority, which would be legislated under Bill C-19, has in fact grown out of a need for long term public debt financing for first nations governments in order for them to provide affordable infrastructure in their communities.
The First Nations Finance Authority was established back in 1995 and was modelled on the very successful Municipal Finance Authority of British Columbia. As my colleagues on both sides of the House have heard, the primary goal of the First Nations Finance Authority is in fact to improve access to affordable capital by pooling the borrowing requirements of first nations. By pooling their borrowing requirements, many first nations will gain access to more affordable capital which they in turn can use to improve their infrastructure to build roads, water and sewer systems and so on. The rigorous standards, lower interest rates and institutional support will ensure that first nations operate within their debt carrying capacity. This access to capital will work to the long term benefit of the community as a whole.
Some 50 first nations are also taking advantage of the deposit taking services offered by the First Nations Finance Authority, which currently operates, by the way, two very competitive investment pools worth approximately close to $10 million. These first nations are getting higher returns on their investments than would be possible if they were investing on their own.
The first nations financial management board would be supported by the capacity development activities of yet another existing institution, the Aboriginal Financial Officers Association of Canada. The Aboriginal Financial Officers Association of Canada is a national professional association that is committed to excellence in financial management for aboriginal people. It provides training, certification and professional development services to individuals who work in or aspire to financial management positions with first nations organizations. Its third annual conference recently attracted more than 600 delegates to discuss ways and means to strengthen financial management. That event was well supported by important sponsors.
As my colleagues on both sides of the House can appreciate, these services are strengthening the financial management capacity of aboriginal organizations in Canada.
For example, AFOAC has already certified some 200 individuals in its certified aboriginal financial managers program. This program was developed in collaboration with the Certified General Accountants Association of Canada and is gaining recognition as a professional designation within Canada's financial community.
As we can see, we have good reason to be optimistic about Bill C-19. This proposed legislation will enable first nations to build on the success of several existing institutions. Bill C-19 will confirm first nations jurisdiction over their finances and will provide new tools for the successful exercise of that jurisdiction. This legislation deserves the support of both sides of the House and particularly that of my colleagues on the opposition side.