N.W.T. heritage fund could boost big projects

The Northwest Territories' finance minister is hoping to set up a heritage fund in the new year.

Michael Miltenberger says money would be put aside for long-term savings similar to a pension plan. It would be up to future governments to decide what portion of each budget would go into the fund, he said.

The money set aside could be used in the future for big projects, he told CBC News.

"We want it not as a slush fund, but something that's going to be managed very carefully," he said, adding that "it's not just there for political expediency but it's there to save for future generations."

The legislation creating the fund will be introduced this winter and the finance minister hopes it will be passed by the end of this government's term.

"Most governments tend to go from budget to budget, with small amounts of savings to help do other things like capital projects but not a lot of them have funds set aside for future generations, future needs down the road," Miltenberger said.

Miltenberger said it will be up to future governments to decide what portion of each budget would go into the fund.