Thank you, Mr. Speaker. By and large, in these early days since the budget address last Thursday, I think the document is seen to be fairly positively received by most of the Northwest Territories community. Generally speaking, I think it has been characterized as a spend-and-invest kind of budget. I would like to reiterate, Mr. Speaker, my support for the general direction of the strategy of the government at this time. This economy, I believe, Mr. Speaker, is going to need all the capacity we can give it over the next few years and the kind of move the government has expressed it wants to carry out are in line with building capacity.
I think we also have to be careful in one sense in how we project ourselves as a government to industry, not only here in the Northwest Territories but industry across Canada and to our neighbouring governments and the national government. With the scale and scope of development that we have out there on our doorstep and largely into the door here, Mr. Speaker, our message should be one of optimism and one of a fair amount of fiscal aggression.
If we hesitate, if we balk, if we doubt ourselves and our confidence in the future, I think this is the kind of message that will roll out there and be picked up by industry, by our neighbours and as the saying goes, could well become a self-fulfilling prophecy.
Again, Mr. Speaker, my general support for the strategic direction. With a borrowing limit of $300 million, the budget suggests that we will be at a net debt limit of $251 million by the time the fiscal year is complete, essentially leaving us with a $50 million balance. For the most part, Mr. Speaker, I am comfortable with that degree of exposure, if you will, and I am also comfortable with the quality of the debt that is assigned to those funds. I think we are in a reasonably comfortable position there.
The numbers, Mr. Speaker, really tell of an economy that is on steroids. Our final domestic demand will grow by $472 million to $2.7 billion, an increase of 20 percent. Total investment will rise to $956 million, an increase of a staggering 68 percent. Employment will grow by three percent, I believe just over 20,000 of our people. Weekly earnings will reach $851, up three percent, which is already, Mr. Speaker, up 8.8 percent from last year.
The numbers also tell a story that we are a "have" territory from my assessment, Mr. Speaker. Further, that we must press, as my colleagues have been discussing, that we deserve a share of these resources and access to a resource devolution plan and access to those funds.
Through the total revenues anticipated in this budget of $806 million, $540 million of that is coming from the federal government, or 67 percent. The documentation in the budget, Mr. Speaker, suggests that the federal government will earn in each of the next 27 years some $818 million. I compare that to $540 million that is coming into this government by the formula financing agreement and other transfers. I think this shows, Mr. Speaker, that we are, by that measurement, a "have" territory.
I guess it is no wonder that the federal government wants to keep us under their thumb. We have turned into a pretty good cash machine. All the more reason then, Mr. Speaker, for the government to keep up its pressure for resolving a devolution deal and to keep up the momentum on the Intergovernmental Forum processes, Mr. Speaker, in which we have put a fair amount of trust and confidence. I understand we are going to have to wait until early April until the next real event comes along in that area, but we have to be optimistic and we also have to be demanding, Mr. Speaker, that this process does indeed give us some results.
On the major initiatives announced in this budget; roads, early childhood development, literacy, potential hydro export, employment...these are issues that we have talked about, Mr. Speaker, in this Assembly, in our committee meetings and in our Caucus meetings for the past year since this government took office.
For me, there is no great surprise. Government is now trying to bring these issues to ground in a format or way in programs and policies that we can now measure; we can anticipate; we can challenge; we can test. I am sure from the government's point of view, in some fashion we will be able to approve.
So this is where again I feel support for this because these are things, as I say, that have been talked about. Now the government is taking the instruction and trying to deal with them.
In the critical areas, I guess I will look at three or four topics here, Mr. Speaker. If we are facing a slight surplus, we are anticipating a slight surplus, and we would be theoretically hopefully looking for balanced budgets for at least the next few years, why then does the government continue to keep the hotel tax on the books? This is a tax that has generated a very negative response so far from the public. There are some pockets of support for it, but by and large, it is a plan that is not well received and I think at this time, not even well-known or understood by a number of people. That is probably why it is so unpopular right now.
Again, though, I would ask the government, why is this tax still on the books if our financial situation, as my colleague Mr. Roland pointed out, has taken such a gratuitous and positive turn?
The cumulative impacts, Mr. Speaker, of some of the measures that the budget contains, I mentioned the hotel tax. The highway toll is fairly well understood. There will be new airport and transportation fees. We have already heard the discussions about the increases anticipated and the need upon us for power and energy, Mr. Speaker.
These are impacts on the cost of living in the North that are going to be coming in or that are indeed with us now in this fiscal year and the next few months ahead.
So you will be hearing more from me, and I think from my colleagues, Mr. Speaker, about the cumulative impacts of all of these factors, some of them within government's control, some of them not. We are expecting, Mr. Speaker, to do a good job of anticipating and managing these impacts on the pocket books and on the backs of the Northwest Territories citizens. That is my assessment right now. We have to be careful with the cumulative impact.
While the highway toll seems to be, at least in its early days, reasonably well understood and I think accepted, I will be looking for some more information on the amendment or the adjustment, Mr. Speaker, to the cost of living increase, which I believe is a good way of offsetting the cost that we will all experience through this. However, the issue for me will be one of how can it be applied equally for all residents when indeed we will be experiencing different costs.
For instance, Yellowknife has some 600 kilometres of tolled road upon which it will be paying some fees. Compare that with Inuvik, where there are approximately 300 kilometres, and communities which have even much less. It seems that it is going to be difficult to come up with a way of equitably applying this. I will be looking for some information there.
Our greatest concern surrounding this budget, Mr. Speaker, lies in our capacity as a government and a civil service to implement and deliver these new projects. I think the civil service is already under extreme expectations to carry our existing programs.
We have a turnover rate in government, Mr. Speaker. I could not get an accurate number this morning but I am quite confident that it exceeds ten percent. However, what I am looking for as we layer on these new initiatives and these new incentives, hopefully or potentially what other programs or policies or initiatives might be coming off the table that are going to make room for all of these new things that we want to do.
One assessment is new positions that the government is going to be asking for, a total sum of 45 new positions. Information suggests that the Department of Justice alone will be absorbing 44 of these. My understanding is that these are already in large part existing jobs that are being folded into the civil service.
What I am not seeing, Mr. Speaker, is evidence that we are bringing in new people, new strength, to implement and carry through these programs. That is my greatest concern. Can we deliver? Can we implement and do it with quality?
I will be looking forward to the details of implementation and plans that are practical and doable and that will not put stress on an already taxed workforce. Thank you, Mr. Speaker.