Thank you, Mr. Chair. I am pleased to present the 2018-2019 Main Estimates for the Department of Finance. These estimates total $234 million, which includes the GNWT operating contribution of $76.4 million to the NWT Housing Corporation. Overall, the department’s estimates propose a decrease of $1.2 million or 0.5 per cent over the 2017-2018 Main Estimates.
Setting aside the changes in the contribution to the NWT Housing Corporation, which you will review with Minister Cochrane, highlights of Finance’s proposed 2018-2019 Main Estimates include:
• $600,000 for a new training program that will provide residents an opportunity to gain the skills and experience to compete for positions within the GNWT;
• $400,000 to enhance capacity to deal with labour relations issues and ensure that the GNWT is well-positioned in an increasingly complex environment;
• $1.1 million in forced growth related to the Territorial Power Subsidy Program and automatic increases for bonds issued related to the Deh Cho Bridge; and
• $5.2 million in sunsets, primarily related to completion of the project to upgrade SAM and HRIS.
Finally, I would also like to point out that the 2018-2019 Main Estimates outline the borrowing plan for the GNWT. This plan proposes to establish a total borrowing limit for the GNWT of $812 million, which is comprised of the following:
• short-term debt, $366 million
• long-term debt, $445 million
• capital leases, $837,000
The limits proposed in the borrowing plan will be included in the Appropriation Act (Operations Expenditures), 2018-2019. The GNWT borrowing is part of our overall debt, which also includes Northwest Territories Power Corporation and Northwest Territories Housing Corporation debt.
That concludes my opening remarks, Mr. Chair. I look forward to answering questions from Members. Thank you, Mr. Chair.