YELLOWKNIFE (October 15, 2010) - With a period of growth now forecast in the NWT economy, the Government of the Northwest Territories’ fiscal strategy will maintain a tight rein on spending growth while reducing capital investment over time to historical levels.
In his fiscal and economic update to Members of the Legislative Assembly, Minister of Finance J. Michael Miltenberger says the GNWT’s fiscal strategy will see the NWT through uncertain times and return it to a sustainable fiscal path in coming years.
“We must manage our way ahead with caution and vigilance,” he noted. “Achieving a sustainable fiscal path will require strong discipline on the expenditure side.”
During a period of global economic downturn, the GNWT has responded by maintaining spending levels and pursuing an aggressive infrastructure investment plan to mitigate the effects of the recession.
Yesterday, the GNWT tabled its 2011-12 Capital Estimates. With infrastructure contributions to communities and the NWT Housing Corporation, the Government is proposing infrastructure investment totalling $171 million this year. Over $1 billion has been identified for infrastructure investment over the life of the 16th Assembly.
The Minister noted to Members that the GNWT is not alone in the fiscal approach it is taking.
“All governments in Canada are expecting a period of tight fiscal control as they seek to return to balanced budgets,” he noted. “With the limited time left to us, we need to focus on consolidating the gains we have made, and finish and deliver what we have begun.”
Click here for the Minister’s full statement.
For more information, contact:
Office of the Premier/Cabinet
Government of the Northwest Territories
Phone: (867) 669-2302