Thank you, Madam Chair. I am pleased to present the Financial Management Board Secretariat's Main Estimates for the fiscal year 2007-08.
The secretariat's 2007-08 Main Estimates propose O and M expenditure levels of $69.836 million. This is an
increase of $14.725 million, which represents a 21 percent increase over the 2006-07 Main Estimates.
The adjustments to the secretariat's budget are related to the following:
- an increase of $337,000 related to the revisions to the Collective Agreement for the 2007-08 fiscal year;
- an increase of $20,000 for amortization expense;
- an increase of $14.382 million to the contribution funding provided to the Northwest Territories Housing Corporation, NWTHC. As was reported during the October-November 2006 session, FMBS has no direct authority over NWT Housing Corporation funding other than providing the NWT Housing Corporation with its operating cash flow.
In support of the planned replacement of the government's financial information system, the secretariat's proposed capital acquisition plan includes an allocation of $7.5 million in the 2007-08 fiscal year. With FMBS leadership, a number of GNWT departments will be involved in the selection and implementation of the new financial information system.
An assessment of the government's management practices is currently being undertaken in an effort to identify and prioritize areas that may require corporate and departmental attention in upcoming planning periods.
FMBS will continue initiatives to strengthen and standardize management activities, including:
- the review of the Financial Administration Act;
- the reform and modernization of the Financial Administration Manual; and
- the planning for the establishment of financial shared services centres.
That concludes my opening remarks. I would be pleased to answer any questions Members may have. Thank you, Madam Chair.