The NWTSA国际影视传媒檚 finance minister says she is SA国际影视传媒渙ptimisticSA国际影视传媒� about the territorySA国际影视传媒檚 financial situation after releasing a budget with no new taxes or major service cuts and significant new federal investments.

In its 2022-23 budget, unveiled on Feb. 22, the GNWT is projecting a $130.5 million operating surplus, a significant increase over the revised 2021-2022 estimate of about $27.9 million. This is due in large part to new federal investments in the territory.

In presenting the budget to the Legislative Assembly on Feb. 22, Minster of Finance Caroline Wawzonek said the budget SA国际影视传媒渋s not flashy, but it offers stability in a time of continued adversity.SA国际影视传媒�

SA国际影视传媒淏old does not necessarily always mean easy or popular,SA国际影视传媒� she said. SA国际影视传媒淣or does it always mean SA国际影视传媒榠mmediate.SA国际影视传媒橲A国际影视传媒�

SA国际影视传媒淐hanging an organization the size of a provincial or territorial government takes time.SA国际影视传媒�

SA国际影视传媒淥ur fiscal outlook has improved from this time last year,SA国际影视传媒� Wawzonek told the media during a briefing prior to the budgetSA国际影视传媒檚 unveiling.

The Covid-19 pandemic continues to pose challenges to the territorySA国际影视传媒檚 finances: After federal and territorial supports are taken into account, the GNWT estimates the pandemic cost the territory $33 million in 2020-21, and forecasts the pandemic will cost $23 million in the 2021-22 year.

Much of the cost of the pandemic is offset by federal investments, including significant new investments in the aviation industry: About $14.8 million for 2021-22, which adds on to the $31.9 million the territory received in 2020-21. The territorySA国际影视传媒檚 Department of Health and Social Services also received an additional $8.3 million in federal funding for 2021-22.

Despite the significant new revenue, the territorySA国际影视传媒檚 debt is projected to continue increasing, approaching but not exceeding its federal debt limit of $1.8 billion by 2026. At the end of the 2020-21 fiscal year, the territorySA国际影视传媒檚 debt stood at $1.25 billion; by the end of the 2025-26 year, this is projected to increase to about $1.74 billion, leaving a cushion of just $58 million in the territorySA国际影视传媒檚 borrowing limit. The territorySA国际影视传媒檚 borrowing limit was last increased by $500 million in 2020.

This growing debt is due in large part to significant investments in major infrastructure projects, including $12.2 million for the T艂谋台ch谦 All-Season Road project and $150.2 million towards the territorySA国际影视传媒檚 highways, winter roads, and related transport infrastructure.

When asked if she foresaw the territory asking for another borrowing limit increase in the near future, Wawzonek said SA国际影视传媒淚SA国际影视传媒檓 going to go out on a limb and say, SA国际影视传媒楴ot if I have anything to do with itSA国际影视传媒�.SA国际影视传媒�

Despite being optimistic about the territorySA国际影视传媒檚 financial situation as a whole, Wawzonek says she has some concerns in the medium term, particularly the sun setting on the territorySA国际影视传媒檚 diamond mines over the next decade: In particular, The Diavik Mine is scheduled to cease operations in 2025.

SA国际影视传媒淚SA国际影视传媒檓 still optimistic; I still believe thereSA国际影视传媒檚 a lot of good news to be had in here,SA国际影视传媒� Wawzonek said during the press conference. SA国际影视传媒淏ut thereSA国际影视传媒檚 certainly a lot of things that ISA国际影视传媒檓 looking at and having a healthy amount of worry [about], but not not too much.SA国际影视传媒�