Floyd Roland

Thank you, Mr. Speaker. The issue of the Deh Cho Bridge Project, and assuming the debt has come to this session for that purpose, is one where we had to initiate additional discussions with the federal government to work with us around our borrowing limit. With that in place, there will be no further impact on this government or the next government. Of course, the next government will have to set its own fiscal strategy as to how it goes about investing and spending of the dollars that are available. Thank you.

Thank you, Mr. Chairman. Mr. Chairman, the other question that was asked if we approached the federal government to look at this as self-liquidating debt and treat this as a permanent bump up to our borrowing limit, again I talk about the relationship with Minister Flaherty and when he states on it, he’s honoured his word both when he said we are unable to do something or when he can do something. He made it clear that this was going to be short-term relief, that we would not see a permanent adjustment to our debt limit, so I know at that point that’s off the table.

As for self-liquidating debt...

Thank you, Mr. Chairman. Joining me at the table to my right is the deputy minister of Finance, Ms. Margaret Melhorn; to my immediate left is Minister Michael McLeod, Minister of Transportation; to my far left is Mr. Russell Neudorf, deputy minister of Transportation. Thank you.

Thank you, Mr. Speaker. I would like to take this opportunity to inform Members and NWT residents about the fiscal implications of the recent developments surrounding the Deh Cho Bridge Project.

Later today I will be tabling a supplementary appropriation estimates that will request the necessary authority for the GNWT to assume and administer the assets of the Deh Cho Bridge Project. The GNWT is also taking steps to assume the debt of the Deh Cho Bridge Corporation, totalling $165 million.

First, I want to assure Members and the public that assuming responsibility for the Deh Cho Bridge Project...

Thank you, Mr. Chairman. I’ve been informed that in fact the Minister of Finance did present a draft policy, I believe, to committee and is awaiting a response. Thank you.

Thank you, Mr. Chairman. I am here today to present Supplementary Appropriation No. 2, 2010-2011 (Infrastructure Expenditures). This document outlines a request for $165,439 million for capital investment expenditures in the 2010-11 fiscal year.

This supplementary appropriation seeks authority to record the work completed on the Deh Cho Bridge Project and to record and use the remaining cash available to complete the project.

This appropriation authority is required as the project will now be recorded directly as a GNWT asset in our financial statements. Up to now, the project has been recorded...

Thank you, Mr. Chairman. Again, as I had stated earlier, there’s a very fundamental question here about what’s being said here in the public forum. Even in committee, if Members, if any Member has information, credible information of deficiencies by people who are ready to put their status on the line, then do that. Let’s deal with the issue. But to continue to wave a flag about and make these comments is very dangerous to the professional credibility of all people.

We have a new project team, Associated Engineering, who is going to take over this and do the audit and provide that information...

The process with the lenders, one, has unfortunately gone the track it has. Where we felt we had some flexibility, we came forward and requested the $15 million in our last sitting. We got that approval and then we were informed by the lenders that they are requesting us to assume the debt. With that in mind, that has now put us into this scenario. When it comes to repayment, the repayment structure is in place. If we want to repay earlier, there is going to be a penalty. We’d have to weigh those.

At some point, as I was speaking earlier to the markets that are out there on real bonds in that...

Thank you, Mr. Chairman. From the projections and the schedule that was attached to the concession agreement, after five years I believe we’d be looking at $155 million.

As this scenario developed and as we went to Members highlighting the concerns that we had, by not taking any action there would be immediate impact on the Government of the Northwest Territories when it comes to our debt wall. By taking the steps we have and getting confirmation from the federal Minister of Finance, Minister Flaherty, to work with us in dealing with this debt around this project short-term relief we’ve been able to work through this scenario where there will not be an immediate impact.

As I was responding earlier to Member Bromley, there would be an impact in a sense of our...