So you're a politician, you've made promises and you need to find a way to pay for them. I have a plan to generate new revenue through an enhanced Heritage Fund that will reinvest our resource wealth into the NWT economy.
Our natural resource wealth needs to be invested in Northerners and managed effectively. My plan not only builds a long-term financial future for the NWT but creates new revenue each year that our government can invest in our communities with new infrastructure, programs and jobs.
Here’s how it works – my plan will invest 100% of resource royalties into our heritage fund and withdraw 2.5% of the accumulated balance once per year.
An investment of $100 million per year will generate $43.4 million of new revenues over the first 5 years. Below is a detailed breakdown of new revenues:
Over the same period of time, the value of the fund will be $700.7 million for a total return of $244 million, or 48.8% of investment.
This is just one example of how our government can use existing tools to contribute to the prosperity and wellbeing of Northerners. Enhancing the NWT Heritage Fund makes senses, is achievable and will result in new revenues during a time that our government needs more financial resources.