Thank you, Mr. Chair. Mr. Chair, when I put my name forward for consideration as Minister at the start of the 18th Legislative Assembly, I outlined the key qualities that I possess and would carry with me during my term as Minister. I am confident that I have approached my work as Minister as I said I would.
I treat people with respect and maintain an open and transparent relationship with MLAs, Ministers, committees, Aboriginal governments, federal Minister, and non-government organizations. I am straightforward and honest. I believe in fairness and the equitable application of government policies and programs and remain committed to ensuring identified policy gaps are addressed in a timely manner. I believe in the committee process. It adds value to the work we do, and ensures input from all MLAs are considered. My commitment remains true and I will continue working with these principles. Mr. Chair, I would like to proceed with highlighting some of the key deliverables from my respective portfolios.
As Minister of Finance, my main responsibility is to ensure the financial resources of this government are well-managed. When we began the 18th Legislative Assembly, we had some significant financial challenges. We had to make difficult choices, including implementing reductions and revenue initiatives, and managing our growing expenditure needs. These actions were necessary first steps to better align our expenditures with revenues, and together we have begun to correct our course. Mr. Chair, one of the major initiatives for the Department of Finance has been the Mackenzie Valley fibre link. The completion of this project is evidence of the 18th Legislative Assembly's commitment to strategic investment, diversification, and modernization towards a high-tech future.
The fibre link brings affordable, high-speed, telecommunications to communities along the Mackenzie Valley and enables our government to offer improved service delivery. The completion of the fibre link not only builds on the GNWT's mandate commitment to help modernize the economy and enable growth in all sectors, but also positions Inuvik to be one of the leading sites for tracking and receiving real-time data from polar-orbiting satellites which should lead to further growth of the remote-sensing and commercial satellite industry.
Mr. Chair, early in the 18th Legislative Assembly, we fulfilled the commitment to increase the Northern Residents Deductions. I was pleased the federal government agreed to this increase and will help offset the high cost of living in the NWT, and we will continue to raise the issue at every opportunity. Challenges for the Department of Finance include the renewal of our Territorial Formula Financing arrangements, implementation of carbon pricing, and taxation and issues associated with the legalization of cannabis. I am confident that in my role as Minister of Finance that I have made strides in advancing our issues at the federal level and will continue to do so.
Mr. Chair, as you know, the 2016-2020 Water Stewardship Strategy Action Plan has been finalized, and I have tabled the first progress report. As per the action plan, the department of Environment and Natural Resources has released mixing zone guidelines in cooperation with the land and water boards. The department has also finalized, or is working towards finalizing, transboundary agreements with Alberta, British Columbia, Yukon, Saskatchewan, and Nunavut. As part of the overall strategy, the department also continues work to update and modernize the Waters Act. In addition to this piece of legislation, the department is updating the Environmental Protection Act, the Environmental Rights Act, the Forest Management Act, and proposing new legislation for protected areas. This demonstrates GNWT leadership on land and water resource management since devolution.
Mr. Chair, ENR has also been developing an NWT climate change strategic framework. Together with Infrastructure, we have held six regional engagement workshops on climate change and energy, and have made those reports available to the public. That input combined with the recommendations of the OAG audit will inform the final framework document scheduled for tabling in February 2018. As Minister, I remain committed to an open, transparent, fair, and straightforward relationship with this House. I encourage and welcome your input and assistance in making the hard decisions that face all of us in advancing the mandate priorities of this Assembly for the people of the Northwest Territories.