Thank you, Mr. Chairman. I am here to present the 2015-2016 Main Estimates for the Department of Finance, totalling $221.3 million. This total includes the $85.4 million operating contribution to the NWT Housing Corporation. The department’s estimates, excluding this contribution, propose a decrease of $1.3 million, or 1 percent, from the 2014-2015 Main Estimates.

Highlights of the proposed estimates include: • an increase of $7.4 million in the contribution to

the NWT Heritage Fund. The total contribution to the fund in 2015-2016 will be $7.6 million.

• $10.1 million for the transfer of 25 percent of the

GNWT’s net fiscal benefit from resource revenues to Aboriginal governments;

• $2 million to establish base funding for the

remediation of contaminated sites; and

• forced growth of $497,000 for collective

bargaining increases and $294,000 for anticipated increased in dental premiums.

These increases are offset by sunsets and reductions totalling $6.9 million, which includes the ending of the GNWT’s four-year support to the NWT Power Corporation to mitigate the impact on power rates.

The proposed Department of Finance 2015-2016 Main Estimates continue to support the priorities of the 17th Assembly and continue to advance

initiatives that will support the sustainability of our territory for future generations. Specific activities in support of these priorities include:

• a fiscal strategy that recognizes the GNWT has

finite resources and continues to pay down the short-term debt burden to generate cash for future infrastructure investments;

• continuing to save for the benefits of future

generations by contributing to the NWT Heritage Fund;

• investing in the implementation of the

Mackenzie Valley Fibre Optic Link;

• continuing to guide and implement the GNWT

Decentralization Strategy; and

•

the continuation of several modern management initiatives such as:

o

renewal of the Financial Administration Act;

o

continued

implementation of the GNWT Risk

Management Framework and Service Innovation Strategy; and

o

implementation of a shared services

governance structure to further provide strategic direction to the department’s shared service operations.

That concludes my opening remarks. Thank you, Mr. Chairman.