Thank you, Madam Chair.
Madam Chair, I am pleased to present the 2022-2023 Main Estimates for the Department of Finance. Overall, the department's estimates propose an increase of $33 million, or 10.9 percent, over the 2021-2022 Main Estimates. These estimates support the mandate objectives for the Department of Finance while continuing to meet the GNWT's fiscal objectives to prioritize responsible and strategic spending.
Highlights of these proposed estimates include:
- The sunset of $1.1 million in contributions to the Northwest Territories Housing Corporation associated with the Low Carbon Economy Leadership Fund Agreement;
- $3.3 million in forced growth which includes $1.9 million in additional funding for insurance premiums for coverage of GNWT wide assets, $262,000 to increase the capacity of Finance to provide benefits services to GNWT employees and $1.1 million increase to the contribution to the Northwest Territories Housing Corporation for public housing expansion and additional property tax costs;
- An incremental increase to the Carbon Tax Offset rebates of $8.2 million and an incremental increase of $12.2 million for annual service payments for the Tlicho All-Season Road;
- An increase of $2.94 million to accompany salary increases resulting from the new collective agreement with the Union of Northern Workers which includes $2.06 million directly related to Finance and $882,000 to be provided to the Northwest Territories Housing Corporation;
- $8.5 million to account for the increased accretion and amortization costs in compliance with the new accounting standards for asset retirement obligations; and,
- A reduction to travel budgets of $602,000 to align expenditure appropriations with duty travel requirements during the Covid-19 pandemic of which $68,000 applies to the Northwest Territories Housing Corporation.
These estimates continue to support the priorities of the 19th Legislative Assembly and supports the vision of Budget 2022, by:
- Supporting strategic investments to expand the economy and reduce the cost of living in communities across the Northwest Territories;
- Continue to deliver and improve procurement services and contracting opportunities; and,
- Ensuring that GNWT departments have the support they require to manage both human and financial resources appropriately.
That concludes my opening remarks, Madam Chair.