NR 08-40 BUD ENG NTI AGM Delegates Approves Budget.doc

(December 1, 2008 -Iqaluit, Nunavut) The delegates of the Nunavut Tunngavik Inc. Annual General Meeting approved the proposed budget for the 2009/10 fiscal year last week in Cambridge Bay.

The $41.5 million budget provides financial resources to NTI, regional Inuit associations, and Inuit Heritage Trust for activities to be carried out in the 2009/2010 fiscal year.

With the budget we have stayed within the spending limits we impose on ourselves, ensuring fiscal responsibility to Beneficiaries. The spending limit allows us to fund our activities while paying down our loan from Nunavut Trust. said NTI Vice-President of Finance Raymond Ningeocheak.

During the 2007/08 fiscal year the investment earnings allowed the debt to be reduced by $25 million from $80 million to $55 million.

The 2009/10 total approved budget breakdown from Nunavut Trust:

NTI Operational Fiscal Year 2008-2009 $ 20,828,084

Kitikmeot Inuit Association $ 4,348,812
Kivalliq Inuit Association $ 3,811,753

Qikiqtani Inuit Association $ 4,938,326