Today, Finance Minister Caroline Wawzonek unveiled the 2024–25 budget, focusing on fiscal sustainability, aiming to increase operational surpluses, decrease short-term debt, realign health spending for greater sustainability, allocate funds to key priorities, and enhance fiscal capacity, ensuring that the GNWT is prepared for potential future financial challenges.
“It is about … making sure the fiscal capacity of government is sustainable. Whether it is responding to a wildfire or a flood or being available to change the way that we provide services, we want to have the fiscal capacity to do that, and I think we are moving on that path with this budget,” says Wawzonek. ”The budget is now an opportunity for us to say we are going to move forward with the resources that we have with the department budget we have and create a task force amongst departments.”
“We have to get creative about how we are using our dollars and make sure that we are getting an impact for the dollars that we are spending,” says Caitlin Cleveland, Minister of Education, Culture, and Employment and Minister of Industry, Tourism, and Investment. “How can I, as a minister, get creative with my departments and work with these teams of experts that I have and fill the gaps identified by residence and look at ways that we can address those gaps.” She would love millions of dollars for her department, but she says this is just where we are right now. “At a certain point, you have to look at how you are spending dollars.”
“It is what we expected to see. Are these the smartest choices we could be making? Well, that is what the next few weeks are about,” says Kate Reid MLA for Great Slave and on the Economic Development and Environment committee. “There is nothing talking about how we are going to rein in spending on healthcare that doesn’t impact services.”
The budget forecasts an operating surplus of $294 million for 2024–25, stemming from revenues of $2.6 billion and departmental expenditures of $2.2 billion. This significant surplus meets the fiscal strategy’s goal of fully funding the capital plan for 2024–25, which amounts to $268 million.
The government aims to avoid using public revenues to pay 30 million dollars annually for servicing debt. The fiscal responsibility policy ensures that the government does not borrow for current programs and services, instead investing in capital assets that benefit future generations, avoiding future taxpayer burden.
