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February 12, 2024
As an initial step to addressing the territory’s economic challenges, Premier R.J. Simpson and Finance Minister Caroline Wawzonek have released Restoring Balance: A Fiscal Sustainability Strategy for the 20th Legislative Assembly.
The strategy outlines the reality of the territory’s financial situation and sets significant targets to help support the territory’s economic recovery through the life of the 20th Assembly. The goal of the strategy is to increase revenues and reduce expenditures in a way that minimizes impacts on critical programs and services that residents rely on.
Over the next several weeks, the GNWT will complete a government-wide review process to determine inefficiencies and duplication in resources. There are several criteria on which government programs will be assessed including:
Proposed changes resulting from this review will be reflected in the GNWT’s 2024-2025 operating budget which will be debated in the Legislative Assembly in May 2024.
“This is the first major step we’re taking to address the territory’s economic challenges and ensure that every government dollar spent translates into meaningful improvements in the daily lives of NWT residents. This fiscal sustainability strategy is anchored in the very simple idea that every dollar we spend on programs and services supports the needs of residents and communities across the territory. As we execute this strategy, we will continue to work with Indigenous governments, Indigenous organizations and the Government of Canada to address the territory’s economic challenges and support residents and communities across the NWT.”
– R.J. Simpson, Premier of the Northwest Territories
“The comprehensive financial analysis on which the Restoring Balance is based will guide our actions, but numbers aren’t the only way we’ll be measuring success during the life of this government. We are committed to an equitable and inclusive approach to budgeting that considers the diverse needs and voices of all our residents, including Indigenous governments, communities and vulnerable groups. I look forward to meeting with my colleagues later this week to set the priorities of the 20th Assembly and seeing how the GNWT can most effectively and efficiently offer the programs and services that matter most to Members and residents.”
– Caroline Wawzonek, Minister of Finance
For media requests, please contact:
Government of the Northwest Territories