YELLOWKNIFE (May 24, 2012) – Today, Finance Minister J. Michael Miltenberger presented the first budget of the 17th Legislative Assembly.
The 2012-13 Budget projects an operating surplus of $74 million; returning the GNWT to its first surplus in five years. The Budget includes no new taxes. However, effective April 1, 2012, property tax mill rates, liquor mark-ups and a number of fees were adjusted for inflation.
“The large capital investments the last government made have paid off and we are seeing the return of private investment and signs of recovery in most industries. In keeping with our plan, we are ending our fiscal stimulus and restoring the balance between revenue and expenditures,” said Minister Miltenberger. “Given our fiscal reality, we are focusing on protecting existing programs and services and rebuilding for the future.”
The 2012-13 Budget proposes $35 million in new funding to meet the priorities of the 17th Legislative Assembly. This includes investments in housing, community safety, energy initiatives, and economic development.
Highlights of specific initiatives of the 2012-13 Budget are included in the attached Budget Highlights document. The 2012-13 Budget Address and Main Estimates can be found on the Department of Finance website.
For more information, contact:
Megan Holsapple
Media Liaison
Office of the Premier and Executive Council
Government of the Northwest Territories
Tel: (867) 669-2302
Fax: (867) 873-0111