Yes, Mr. Chairman. I am pleased to introduce the main estimates for the Department of Finance for the fiscal year 2001-2002.
The Department of Finance, through its responsibilities for revenue generation and management, and information gathering and distribution, plays an important role in ensuring the government is able to deliver its programs and make informed decisions.
In Towards a Better Tomorrow, the Legislative Assembly laid out a vision and goals for the Northwest Territories and indicated its priorities for achieving these goals. The Department of Finance has focused its outcomes and strategies for the 2001-2002 fiscal year on these priorities and strategies with particular emphasis, because of its mandate, on those relating to the Northwest Territories' fiscal and economic circumstances.
For 2001-2002, the Department of Finance main estimates budget includes a total expenditure budget of $9,519,000, or 2.8 percent less than in 2000-2001. The budget is also $1,073,000 less than the forecast in the 2001-2004 business plan.
The decrease in the overall departmental budget is due to a reduction in the forecast of interest expense by $576,000 from the 2000-2001 Main Estimates. This decrease is due to the improved cash flow forecast for 2001-2002 and the improved fiscal framework.
The decrease in interest requirements is partially offset by an increase of $198,000 for the implementation of the new collective agreement with the Union of Northern Workers.
The expenditure budget is accompanied by a revenue budget in the main estimates of $725,894,000, an increase of 9.9 percent over the 2000-2001 main estimates. This increase is largely the result of higher anticipated revenues from income taxes, particularly corporate income tax.
I would be pleased to respond to any questions the committee may have.