Media Centre

NTI AGM Delegates Approve 2005-06 Budget

NR 04-37 BUD ENG NTI Budget.doc

(November 5, 2003 – Rankin Inlet, Nunavut) Nunavut Tunngavik Inc. (NTI) Annual General Meeting delegates today approved the proposed budget for the 2005-06 fiscal year. The $44.6 million budget provides resources for NTI, the Regional Inuit Associations and Inuit Heritage Trust to carry out their regular operational requirements, as well as making provision for supplementary resources for economic development and Land Claim implementation initiatives.

Inuit Beneficiaries can rest assured that their money is being well managed and looked after through this partnership between NTI and the Nunavut Trust, said Acting Vice-President of Finance James Eetoolook. The Trust is required to manage and invest our capital in a prudent manner, and NTI is expected by Beneficiaries to implement the Land Claim and work for Inuit well-being in a financially responsible way. That is what we have done with this budget, he said.

The budget reflects the regular funding request of nearly $34 million, a figure within the three per cent allowable annual budgetary increase allowed under the Financial Strategic Plan approved in 2000 by NTI’s AGM.

It also includes a supplementary funding request for $10.7 million that was approved in principle. The supplementary funding request includes resources for re-capitalizing Atuqtuarvik Corporation, for promoting economic development in the regions, and for creating staff positions within the RIAs for Land Claim implementation work.

NTI and the Nunavut Trust will work over the coming months to see how much of this supplementary spending can be accommodated. This will be done through a new joint NTI-Nunavut Trust committee mandated to keep NTI’s Financial Strategic Plan up to date. Under this process, NTI will work to find ways to cut costs and to secure more funding from external sources, while the Trust will watch to see if the financial markets improve.

Each year, the AGM membership and the Nunavut Trust must come to an agreement on how much NTI can afford to spend in the budget. In past years this was easier, but today we are dealing with a difficult financial market and lower returns on our investments. The Trust told us we need to be especially prudent and NTI heard that message. With this budget, we have sought to strike a balance. We will continue to press hard for full implementation of the Land Claim and for Inuit participation in Nunavut’s economic development, within the framework of a sensible, realistic long-range Financial Strategic Plan. And we are also strengthening our working partnership with Nunavut Trust. said Eetoolook.

Copies of the budget summary are available upon request.

The 2005-06 total approved budget will require a total of $44,648,664 from the Nunavut Trust as follows:

Nunavut Tunngavik Inc. $18,795,803

Kitikmeot Inuit Association $3,544,048