Mr. Speaker, I would now like to review with you our current fiscal position, based on the results of the last two fiscal years.
The 1998-1999 fiscal year concluded with the creation of Nunavut and the new Northwest Territories. Although the audit of the 1998-1999 Public Accounts is not yet final, we anticipate that the non-consolidated accumulated surplus at the end of 1998-1999 will be $38 million. This amount will be allocated between Nunavut and the new Northwest Territories in accordance with the Agreement on the Division of Assets and Liabilities entered into prior to division. As a result, the Northwest Territories will have begun its new existence on April 1, 1999, with an estimated $21 million accumulated surplus.
Mr. Speaker, the fact that we were able to start this new era with an accumulated surplus should be recognized as a major accomplishment, and credit for this achievement should be given to the 13th Legislative Assembly. Unfortunately, our ongoing problem of low revenue growth in the face of rising costs required the last government to budget a $34 million deficit for 1999-2000. This deficit is expected to eliminate the starting accumulated surplus of $21 million and place us in a small accumulated deficit position at the end of 1999-2000.