General Information

The Department of Finance is responsible for obtaining the financial resources to carry on the functions of government and for intergovernmental fiscal negotiating and arrangements. The territorial government has a budget of over 700 million dollars. The federal government transfers over $500 million of this as part of the Formula Financing Agreement.

Directorate

The Directorate is responsible for the overall direction and coordination of the department and consists of the offices of the Deputy Minister, Policy and Planning and Finance and Administration. This activity provides support to the senior management of the department in the areas of policy and planning, aboriginal self government, budgets, human resources, information technology and administration. The activity also includes responsibility for maintaining budget, human resource, revenue and expenditure records and departmental financial control services for the department.

Treasury

Treasury is responsible for managing the government's cash position; conducting the government's banking, borrowing and investing activities; providing related advisory and cash management services and protecting government activities and assets from risk of loss by means of insurance coverage and risk management activities.

Treasury is also responsible for the licensing and regulation of insurance companies, agents, brokers and adjusters operating in the Northwest Territories through the Office of the Superintendent of Insurance as well as administering legislated tax programs by collecting taxes owing and by issuing and controlling a system of permits and collection agreements. Treasury responds to taxpayer inquiries, provides taxation revenue analysis, maintains a database of taxpayer information and participates in inter jurisdictional exchange agreements to minimize tax evasion.

Fiscal Policy

Fiscal Policy is responsible for developing policies and providing research, analysis, and recommendations on the fiscal policies of the government; monitoring economic conditions as they affect the government's fiscal policy; providing analysis and advice on Canadian and NWT tax policies; monitoring and advising on intergovernmental fiscal relations, in particular, the Formula Financing Agreement with Canada; providing input into multi-year fiscal plans; and preparing the annual budget address. The division also provides technical support for the Minister and Deputy Minister of Finance in federal-provincial-territorial discussions, and represents the Government on intergovernmental Finance committees.

Liquor Revolving Fund

The Liquor Revolving Fund was established under the Liquor Act and provides working capital to finance the operations of the Liquor Licensing Board and the Liquor Commission. The Liquor Licensing Board is responsible for the issuance of all types of liquor permits and for the enforcement of liquor-related regulations and restrictions. The Liquor Commission is responsible for the purchase, warehousing, distribution and sale of all alcoholic beverages in the Northwest Territories. Both the Board and Commission are funded by the sale of alcoholic beverages.