Thank you, Mr. Chair. Good afternoon. Today I am presenting the 2019-2020 Main Estimates for the Department of Finance. These estimates total $258.2 million, which includes the GNWT's operating contribution of $70.4 million to the NWT Housing Corporation. Overall, the department's estimates propose an increase of $7.5 million, or 3 percent over the 2018-2019 Main Estimates.
Setting aside the changes in the contribution to the NWT Housing Corporation, which you will review with Minister Moses, highlights of Finance's proposed 2019-2020 Main Estimates include:
- $15.3 million in inter-departmental transfers and $400,000 in initiative funding for the establishment of an Information Systems Shared Services unit;
- $400,000 to support secondment agreements between the GNWT and Indigenous organizations;
- $2.0 million in forced growth as a result of increased usage and costs of the Employee Medical Travel and Dental programs; and
- $12.5 million to provide rebates and cost-of-living credits to minimize the effects of the NWT Carbon Tax on NWT residents.
Finally, I would also like to point out that the 2019-2020 Main Estimates outline the Borrowing Plan for the GNWT. This plan proposes to establish a total borrowing limit for the GNWT of $809 million, which is comprised of the following:
- Short-term debt, $390 million;
- Long-term debt, $419 million; and
- Capital leases, $500,000.
The limits proposed in the Borrowing Plan will be included in the Appropriation Act (Operations Expenditures), 2019-2020. The GNWT borrowing is part of our overall debt, which also includes the NWT Power Corporation and the NWT Housing Corporation debt. That concludes my opening remarks. Thank you, Mr. Chair.