NR 07-25 BUD ENG Membership Approves Budget.doc
(December 3, 2007 -Iqaluit, Nunavut) Nunavut Tunngavik Inc. (NTI) Annual General Meeting members approved the proposed budget for the 2008/09 fiscal year last week in Rankin Inlet.
The $40 million budget provides NTI, Regional Inuit Associations, and Inuit Heritage Trust with the financial resources required to carry out regular activities.
This budget stays within the strict spending limits we imposed upon ourselves as we continue to ensure fiscal responsibility to Beneficiaries. These spending limits allow us to fund our activities and pay down our loan to Nunavut Trust from the interest earned on the capital payments, said NTI President Paul Kaludjak.
In accordance with the Surplus Revenue Policy, NTI paid $20 million to Nunavut Trust this year, thereby reducing the debt to approximately $80 million. Most of the remaining debt was incurred through loans made to Inuit development corporations to fund construction of the new hospital and health centres in the territory’s regional centres.
The AGM membership also approved the audited financial statements of the previous fiscal year.
The 2008/09 total approved budget breakdown from Nunavut Trust:
NTI Operational Fiscal Year 2008-2009 $ 20,221,411
Kitikmeot Inuit Association $ 4,214,446
Kivalliq Inuit Association $ 3,700,731
