Today, Finance Minister Caroline Wawzonek presented the 2023-24 Budget, the final budget of the 19th Legislative Assembly.
Budget 2023-24 prioritizes initiatives already set in motion to ensure their sustainability and successful transition into the next Assembly. Improvements to the capital budgeting process, strengthened debt management policies and a projected operating surplus of $178 million will allow the Assembly to end in better financial shape than it began.
Budget 2023-24 projects a $178 million operating surplus after adjustments with revenue of $2.5 billion and expenditures of $2.2 billion. Revenue is projected to increase 2.9 per cent from the 2022‑23 Revised Estimates due mainly to an increase in the Territorial Formula Financing Grant.
Budget 2023-24 does not contain any new taxes; however, property mill rates and some fees will be indexed to inflation and territorial tax legislation introduced in October 2022 will increase carbon tax rates on April 1, 2023. If the territorial legislation does not pass, a federal carbon tax will take effect April 1, 2023. Aviation fuel and diesel fuel used to generate electricity for community distribution remain exempt from carbon tax.