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YELLOWKNIFE (February 6, 2014) – Today, Finance Minister J. Michael Miltenberger presented the territorial government’s 2014-15 Budget in the Legislative Assembly.
“This is Year Three of the 17th Assembly’s four-year fiscal plan,” Minister Miltenberger observed, “and by making good on our promise to maintain fiscal discipline in managing expenditure pressures, we have achieved our goal to increase our capital plan by $100 million over the next two years. In a territory of more than one million square kilometres, infrastructure that opens markets, lowers costs, and improves productivity is the surest way to grow our economy.”
The 2014-15 Budget reflects $59 million in new spending to take on new responsibilities for lands, waters and resources being transferred from the federal government to the GNWT. Combined with $27 million in new initiatives and funding to address existing cost pressures, operating expenditures will rise to $1.61 billion in 2014-15. Revenues of $1.85 billion will create an operating surplus of $200 million, which will be used to fund the $223 million capital investment approved last November. Short-term borrowing will increase to $236 million, and bring total borrowing to $658 million by the end of 2014‑15, leaving $142 million in borrowing room.
“Our focus in this budget is to ensure a smooth transfer of programs and services for managing lands, waters and resources. The only noticeable change is that decisions for these responsibilities are made here, not in Ottawa. Our focus will be in finding the means to increase our infrastructure investments to grow our economy and provide good jobs for our residents. We have also made new investments in key priorities such as mental health, and used program savings to fund initiatives like junior kindergarten,” said Minister Miltenberger.
Highlights of specific initiatives of the 2014-15 Budget are included in the attached Budget Highlights document. The 2014-15 Budget Address and Main Estimates can be found on the Department of Finance website at www.fin.gov.nt.ca.
For more information please contact:
Office of the Premier/Cabinet
Government of the Northwest Territories
Phone: (867) 669-2302