NWT Proposes Heritage Fund

Finance Minister Launches Public Discussion of NWT Heritage Fund

YELLOWKNIFE (March 1, 2010) – Finance Minister J. Michael Miltenberger today launched public discussions on a proposed Heritage Fund.

“The NWT is blessed with a vast treasure of non-renewable resources,” said Minister Miltenberger. “However, once these resources are taken out of the ground they are gone forever. Our challenge is to ensure that the transformation of our non-renewable resources to dollars provides a lasting legacy for NWT residents.”

Once devolution of the NWT’s non-renewable resources is achieved, royalty revenues currently flowing to Canada will be paid to NWT governments. Although part of the revenues will be offset by lower federal transfer payments, the GNWT will face a number of choices and opportunities for the use of the net fiscal benefit.

“A Heritage Fund will allow us to protect the net revenues from resource development and make them available for investment in long-term assets for future generations,” Minister Miltenberger said.

With broad support for the concept of a heritage fund from public discussions, Minister Miltenberger says he believes the GNWT can have legislation in place to create a Heritage Fund by the end of the 16th Legislative Assembly.

The Heritage Fund discussion paper is available on the Department of Finance’s web site at www.fin.gov.nt.ca.

Comments on the creation of a Heritage Fund should be submitted by April 30, 2010 to:

Heritage Fund Discussions
Fiscal Policy Division, Department of Finance
Government of the Northwest Territories
PO BOX 1320 L-5
YELLOWKNIFE, NT X1A 2L9

Or by e-mail to: Heritage_Fund@gov.nt.ca

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