The Department of Finance and its Minister have the mandate for obtaining the necessary financial resources required to implement the Government of the Northwest Territories' policies and programs, negotiating major financial arrangements with the federal government, regulating the insurance industry and controlling the sale of alcohol products in the Northwest Territories.
The Standing Committee on Governance and Economic Development reviewed the Department of Finance's 2000-2003 business plan and draft main estimates on Friday, May 26th, 2000. The committee noted that operations expenses or operations and maintenance expenditures increased by $1,564,000 or 19 percent over the 1999-2000 main estimates. There have been no changes in the number of positions in the department since the presentation of the 1999-2000 main estimates.
The department administers the grants from Canada, which accounts for most of our revenues, territorial taxes and other revenues. Committee members concluded that unless significant revenues are procured and substantially better management of existing resources developed, the government's ability to maintain and deliver programs and services may be severely compromised. Futhermore, this government is facing increasing interest costs on our debt.