Yes. Thank you, Madam Chair. I am here to present the 2020-2021 Main Estimates for the Department of Finance. Overall, the department's estimates propose an increase of $21.3 million or 8.1 percent over the 2019-2020 Main Estimates. These estimates support our government's objective to prioritize responsible and strategic spending while matching the modest expected revenue growth over the coming year.
Highlights of these proposed estimates include:
- $7.8 million in forced growth, which includes $4.5 million in short-term debt servicing requirements and $3.3 million in UNW collective bargaining increases;
- $10.6 million for the delivery of rebates created to offset the cost related to the implementation of the Northwest Territories Carbon Tax; and
- $3.6 million in restatements, which includes $1.4 million to support the Northwest Territories Health and Social Services Authority's conversion to the System for Accountability and Management and the transfer of those functions to Financial and Employee Shared Services, and $2.2 million for the transfer of amortization expenses for technology assets that were transferred to the Department of Finance as a result of the creation of the new Information System Shared Services Branch.
These estimates continue to support the priorities of the 19th Legislative Assembly by:
- Streamlining the financial processing for all GNWT departments and the newly integrated Northwest Territories Health and Social Services Authorities;
- Supporting and managing the GNWT's information security and technology resources through the Information Systems Shared Services branch; and
- Ensuring that GNWT departments have the support they need to manage both human and financial resources appropriately.
That concludes my opening remarks, Madam Chair. Thank you.