(November 17, 2005 — Cambridge Bay, Nunavut) Nunavut Tunngavik Inc. (NTI) Annual General Meeting delegates today approved the proposed budget for the 2006-07 fiscal year.
The $36 million budget will provide NTI, Regional Inuit Associations, Inuit Heritage Trust, Community Liaison Officers, and the newly created Qaujisaqtiit Society with the financial resources required to carry out their regular operations while implementing the Nunavut Land Claims Agreement.
Commencing this year, the Nunavut Trust introduced a limit, based upon fiduciary guidelines, regarding the amount of funds available for annual distribution from the Trust. For the 2006-07 fiscal year, NTI requested approximately $36 million. Although most Inuit organizations will receive budget allocations within a three per cent increase limit, the amount available for regional economic development will be reduced by $500,000.
To deal with these constraints, NTI and its associations and organizations will undertake an extensive strategic planning process to identify potential areas of savings.
This is prudent financial management, and it’s good common sense. It adheres to NTI’s policy of disciplined spending and ensures the financial decisions we make today do not become the debts our children will have to bear tomorrow, said NTI 1st Vice-President and Vice-President of Finance James Eetoolook.
Creating the Qaujisaqtiit Society to seek out external funding opportunities also helps NTI alleviate the reliance we place upon Nunavut Trust for funding, said Eetoolook. The Trust cautioned us to be strict in our spending given the uncertainty of financial market conditions that could result in lower returns on the investment portfolio. This is one of the several initiatives that we have taken to deal with budgetary constraints. Other measures include strategic planning and zero-based budgeting, he said.
Copies of the budget are available upon request.