Press Release - February 5th, 2009
R(16)0502091442009-10 NWT BUDGET LAYS OUT CHALLENGES AND OPPORTUNITIES
YELLOWKNIFE (February 5, 2009) - The Government of the Northwest Territories' (GNWT) 200910 Budget was presented in the Legislative Assembly today by Finance Minister J. Michael Miltenberger.
Noting that the NWT has not escaped the effects of the global economic downturn, Minister Miltenberger called on Northwest Territories (NWT) residents "to work together during these difficult times, to meet the many challenges and seize the opportunities as they present themselves."
The 200910 Budget tackles the current economic challenges by providing fiscal stimulus in the form of operating spending of over $1.2 billion in addition to the record investment of $246 million in capital infrastructure approved in the fall. The GNWT has revised the fiscal plans announced last year, reducing its targets for expenditure cuts and tax increases.
The planned investments in infrastructure in 2009-10 will be partly financed from the GNWT's forecast operating surplus of $58 million and partly by borrowing an estimated $81 million in short term debt by year end.
"Our overall goal of fiscal sustainability has not changed," said Minister Miltenberger, "but our fiscal plan must support our economy and our residents in this time of economic uncertainty."
The 2009-10 Budget makes investments that will benefit the NWT for the long term - in the economy, in the environment and in the people of the NWT. This includes $44 million in new initiatives that will grow the NWT economy, reduce the cost of living, and develop the skills and talents of NWT residents.
The Budget proposes to invest a total of $60 million over the next four years toward achieving the GNWT's energy goals: reducing the high cost of energy, reducing the NWT's reliance on imported fossil fuels, and reducing the territory's greenhouse gas emissions.
The Budget included some modest tax measures. In an effort to encourage healthy lifestyle choices, the Finance Minister announced increases in tobacco taxes and liquor markups, to take effect April 1, 2009. Increases will also be implemented to some property and school tax rates, to keep up with inflation.
Highlights of specific initiatives of the 2009-10 Budget are included in the attached Budget Highlights document. The Budget Address can be found on the department of Finance website at http://www.fin.gov.nt.ca/. The Main Estimates can be found at: http://www.fin.gov.nt.ca/budget-documents/estimates/index.htm
For further information, contact:
Julia Mott
Coordinator, Cabinet Communications
Government of the Northwest Territories
Tel: (867) 669-2304
Julia_mott@gov.nt.ca
