Thank you, Mr. Chair. Mr. Chair, I'm happy to be presenting this afternoon Tabled Document 13-20(1): Interim Estimates, (Operations Expenditures) , April 1st to June 30th, 2024, for the Government of the Northwest Territories. The interim estimates will allow public services to continue to be provided until the main estimates for the fiscal year have been fully debated and approved by the Legislative Assembly.
The estimates propose a total appropriation of $782 million for operations between April 1st and June 30th, 2024, and $1.3 billion in borrowing for the GNWT for the 2024-2025 fiscal year.
The last few years have been difficult for Northerners. Flooding, drought, wildfire events, and the global COVID pandemic have negatively impacted the government's financial capacity. In response to these challenges, the GNWT has updated its Fiscal Responsibility Policy to strengthen transparency and accountability, especially by linking the policy to the federally-imposed borrowing limit by requiring a $120 million cushion below the borrowing limit. In addition to this, our government renewal initiative continues to build a culture within the public service to maximize efficiency and value for money and aims to ensure that the GNWT does the right things at the right time in the right way.
The recently announced Fiscal Strategy of the 20th Legislative Assembly outlines the realities of the territory's fiscal situation and sets significant targets to help support the territory's economic recovery through the life of the 20th Legislative Assembly. The strategy represents our commitment to the territory's financial health and stability, not just for us but for future generations. These interim estimates will allow departments to integrate the priorities established by this Legislative Assembly into their 2024-2025 business plans and main estimates, which I will be bringing forward during the next sitting of the Legislative Assembly.
This concludes opening remarks. I would be happy to answer questions Members may have.