GNWT Department of Finance

February 27, 2008

2008 Federal Budget Contains Good News for Northerners

YELLOWKNIFE (February 7, 2008) – Yesterday's federal Budget offered a number of initiatives that will benefit the North, said Northwest Territories (NWT) Premier and Minister of Finance Floyd Roland.

"The Budget tabled yesterday afternoon is a stay the course budget, given the uncertainties surrounding the Canadian economy, but it does take some steps to address NWT priorities," Premier Roland said.

February 7, 2008

Finance Minister Roland presents the Fiscal Update to the Legislative Assembly

YELLOWKNIFE (February 7, 2008) – Finance Minister Floyd Roland presented a fiscal update for the Government of the Northwest Territories (GNWT) in the Legislative Assembly today and tabled a document titled Evolution of NWT Fiscal Framework 2004-2008.

Minister Roland's fiscal update reviewed the GNWT's recent fiscal history and described why the GNWT needs to take action to bring expenditure growth back in line with revenue growth to achieve a sustainable fiscal position.

August 23, 2007

Charting the Next Course: Final Report on Consultations, and Charting the Next Course: Macroeconomic Policy Framework Tabled in the Legislative Assembly

YELLOWKNIFE (August 23, 2007) – Finance Minister Floyd Roland tabled Charting the Next Course: Final Report on Consultations, and Charting the Next Course: Macroeconomic Policy Framework in the Legislative Assembly today.

Charting the Next Course: Final Report on Consultations summarizes what participants in the consultations said – including a vision for a future economy of the NWT that is balanced, diversified and sustainable. It should build on the traditional economy in the North, and provide opportunities for big and small businesses, and large and small communities. Participants also identified four key priorities for government action and investment: education; community capacity; infrastructure and the environment.

Charting the Next Course: Macroeconomic Policy Framework provides a comprehensive policy and planning framework to guide and support future decisions. It includes criteria to evaluate investment and policy choices. These criteria focus on the impact of a decision on the Northwest Territories economy and its regions and communities; the depth and duration of its contribution to economic and employment diversification and sustainability; and its fiscal impact.

May 3, 2007

Third Macroeconomic Roundtable Concludes in Yellowknife

YELLOWKNIFE (May 3, 2007) – Earlier this week, Northwest Territories (NWT) Finance Minister Floyd Roland hosted the third in a series of roundtable discussions on the future of the territorial economy. The discussions held with representatives from NWT communities, social advocacy groups, business and Aboriginal organizations, were part of an ongoing consultation process that began last November to help plan an economic roadmap for the NWT.

Participants said that Northerners want the Territory’s future economy to be balanced, diversified and sustainable. They recommended the government focus on investments in education, community capacity, infrastructure and the environment.

February 8, 2007

2007-08 Budget Prepares the Northwest Territories for Key Challenges Ahead

YELLOWKNIFE (February 8, 2007) – Finance Minister Floyd Roland presented the 2007 Northwest Territories Budget Address for the Government of the Northwest Territories (GNWT) in the Legislative Assembly today.

“These next few years will be a turning point and a test for us all. We have a window of opportunity to prepare for the economic boom on our doorstep. With the right tools and investment now, we can chart the right course to becoming a self reliant and thriving contributor to Canada,” said Minister Roland.

February 8, 2007

Charting the Next Course: Interim Report on Consultations

YELLOWKNIFE (February 8, 2007) – Finance Minister Floyd Roland tabled Charting the Next Course: Interim Report on Consultations, a document that summarizes the results of consultations with NWT residents on what kind of economy they want to develop for the NWT.

November 14, 2006

NWT Credit Rating Increased

YELLOWKNIFE (14 November 2006) – Earlier today Moody's Investors Service announced it has upgraded the Government of the Northwest Territories (GNWT) credit rating from Aa3 to Aa1.

Northwest Territories (NWT) Finance Minister, Floyd Roland expressed satisfaction with the higher rating. “The GNWT is committed to responsible financial management. This rating confirms the basic soundness of our fiscal policies and the NWT’s bright economic outlook,” said Minister Roland. “The new credit rating will mean the federal government must look more seriously at our proposal to lift the federally imposed borrowing limit. It could also mean lower interest costs on future borrowing.”

November 9, 2006

Minister Roland Consults Northerners on NWT Macroeconomic Policy

YELLOWKNIFE (November 9, 2006) – Finance Minister Floyd Roland today announced he is undertaking consultations with Northerners on the development of a Northwest Territories (NWT) macroeconomic policy.

“Potential future development in the NWT will create tremendous opportunities and challenges,” said Minister Roland. “We face important questions as we move forward with investments that encourage positive economic development. At the same time we need to carefully manage the impact of this growth on our communities, people and environment.”

September 28, 2006

Northwest Territories Proposes Higher Dividend Tax Credit

YELLOWKNIFE (28 September, 2006) – The Government of the Northwest Territories’ intends to increase the dividend tax credit for NWT residents investing in Canadian corporations, subject to anticipated federal increases, Finance Minister Floyd Roland announced today.

“Dividends paid by public corporations and large Canadian-controlled private corporations have incurred double taxation under the existing federal and NWT Income Tax Acts,” said Minister Roland. “The higher dividend tax credit will reduce the personal taxes individuals pay on taxable dividends.”

April 11, 2006

Report of the Council of the Federation Advisory Panel on Fiscal Imbalance – Implications for the Northwest Territories

YELLOWKNIFE (April 11, 2006)– The Report of the Council of the Federation (COF) Advisory Panel on Fiscal Imbalance, titled Reconciling the Irreconcilable, was released by the provincial and territorial Premiers today.

The COF Advisory Panel on Fiscal Imbalance was established by provincial and territorial Premiers in May 2005 to conduct an independent review of both horizontal and fiscal imbalances in Canada and to recommend solutions to resolve the imbalances. The Advisory Panel’s report considers how well fiscal arrangements are working and whether those arrangements are effectively structured and funded to meet the national and regional economic and social challenges facing Canadians.

February 2, 2006

Northwest Territories Poised to Become a Key Economic Driver in Canada

YELLOWKNIFE (February 2, 2006) – Finance Minister Floyd Roland presented the 2006 Northwest Territories Budget Address in the Legislative Assembly today.

“This budget comes at an historic time. We are on the brink of tremendous economic opportunity – opportunity that will test our imagination and our ability to respond. Opportunity that will transform the Northwest Territories into a key economic driver not only for the North but for all of Canada,” said Minister Roland.

January 25, 2006

REPORT OF THE 2005 LIQUOR ACT REVIEW RELEASED

YELLOWKNIFE (January 25, 2006) – “Improving Liquor Legislation in the NWT - Final Report of the 2005 Liquor Act Review” was released today by Government of the Northwest Territories Finance Minister, Floyd Roland. Minister Roland commissioned the review in April 2005, asking for input from stakeholders, licensees, communities and the general public. Changes arising from the review will result in legislation designed to be more flexible and better suited to the needs and priorities of Northwest Territories residents.

“I am pleased with the thoroughness of the report,” said Minister Roland. “A number of recommendations on amendments to the Act have been made, which I will be reviewing carefully with my colleagues in the Legislative Assembly. Following that discussion, the next step will be to draft amendments to the Liquor Act. I would like to thank all participants for their input during the public consultation process,” Minister Roland concluded.

November 23, 2005

GNWT SUPPORTS THE MACKENZIE GAS PROJECT

YELLOWKNIFE (November 23, 2005) – Premier Joe Handley and Finance Minister Floyd Roland are offering strong encouragement to industry to proceed to the public hearings phase of the environmental assessment and regulatory process for the Mackenzie Gas Project. The Premier and Minister Roland sent a letter of support to the project proponents confirming the intentions of the Government of the Northwest Territories to develop a stable fiscal regime for the project.

“Considering the size of the investment - an estimated $7 billion - it is understandable industry would want some level of assurance that governments are not going to change the rules substantially once the investment is made,” said Minister Roland. “This letter clearly communicates our intention to work with industry and the federal government to ensure the Mackenzie Gas Project (MGP) proceeds.”

July 13, 2005

NWT Liquor Act Review Seeks Public Input

YELLOWKNIFE (July 13, 2005) – A review of the Northwest Territories Liquor Act is being undertaken by the Government of the Northwest Territories. The review will identify methods to improve liquor legislation by making it more flexible and adaptable to the needs and priorities of Northwest Territories residents.

Finance Minister Floyd Roland announced the review today saying, “A lot of work has been done to prepare for a thorough review of the NWT Liquor Act. It is important to me that the public has an opportunity to provide their thoughts and suggestions during this process. Changes occurring as a result of this review will enable the government to better serve all northerners.”