Arctic Yearbook 2014 - Page 221

  221   Acknowledgements Part of this project was undertaken pursuant to an Action Canada fellowship. Action Canada Foundation (, doing business as Action Canada, is a registered charity funded in part by the Government of Canada with a mandate to build leadership for Canada’s future. The views, opinions, positions and/or strategies expressed herein are those of the authors alone, and do not necessarily reflect the views, opinions, positions or strategies of Action Canada, Action Canada Foundation, or the Government of Canada. Action Canada, Action Canada Foundation, and the Government of Canada make no representations as to the accuracy, completeness, reliability, noninfringement or currency of any information in this paper, and will not be liable for any errors or omissions in this information, or any losses, costs, injuries or damages arising from its display, use or publication. The authors offer our sincere thanks to Action Canada. The authors wish to thank Jesika Briones and Martin Lajoie, who directly contributed to initial research through the Action Canada Fellowship Program. We also extend our thanks to Dr. Stephanie Irlbacher-Fox for her review of an earlier draft. Notes 1. These best practises in fund development are based on the Santiago Principles, a set of voluntary good governance guidelines for sovereign wealth funds (International Working Group of Sovereign Wealth Funds 2008). 2. There is not yet a clearly articlated objective for the NWT Heritage Fund in either the 2012 Act or Regulations (GNWT 2012c). Fund objectives can range from include savings for future generations; growing a pool of precautionary savings; earmarking resource revenues for specific development projects; or smooth spending of resource revenues over the longterm (Bauer 2014a). In the case of the NWT, the Heritage Fund could also serve to build a culture of savings, autonomous from Canada’s federal government. 3. Although 5% of the current gross expenditure base would amount to a maximum of 70 million in resource royalties per year for the NWT, this maximum could increase over 10 years, if the gross expenditure base increases. 4. Nearly 60 percent of the GNWT’s operating budget is spent on education, health care, social services, housing, policing, and corrections, while another 13 percent is allocated to municipal and government infrastructure. 5. For example, health expenditure per capita is greater in the territories. In 2013, the total health expenditure per capita in the Northwest Territories was expected to reach $10,686. This is nearly double that of other regions, such as Quebec ($5,531) or British Columbia ($5,775). (National Health Expenditure Trends, 1975 to 2013.) Daitch, Schwann, Bauer, Dias & Fan Li