Yes, I do. Thank you, Mr. Chair. I am pleased to present the 2025-2026 Main Estimates for the Northwest Territories Legislative Assembly.
The proposed budget for the 2025-2026 is an expenditure of $25.446 million, revenue of $15,000 and infrastructure investments of $500,000. The budget of $25.446 million reflects a decrease of $1.5 million. The operations expenditure of $25.446 million, reflects a decrease of $1.5 million (6 percent) compared to the 2024-2025 Budget.
This reduction is primarily attributed to the total decrease of $1.98 million in pension contributions which includes a shift to a flat-rate contribution of $883,0000, down from $1.84 million for the year 2025-2026 to 2028-2029; and, a reduction in pension expenditures of $1.027 million, largely driven by an increase in the discount rate from 3.7 percent to 4.4 percent, as projected for the years 2025 to 2029 resulting in reduced pension expenses.
The overall budget takes a conservative approach to prioritizing fiscal responsibilities. This involves strategic service consolidations and capitalizing on favorable pension returns to optimize funding.
Key budget increases are limited to essential areas specifically to account for collective bargaining obligations and other high-priority initiatives. Thank you, Mr. Chair.