Heading into the new year in the Northwest Territories the glass is half full but it would be foolish not to acknowledge it's also half empty.

NWTers are turning over a new leaf under new leadership with fresh faces in the legislative assembly and a federal Liberal government that seems keen to heal relations with indigenous governments across Canada and open a national inquiry on missing and murdered indigenous women.

But these new governments will be haunted by the same ghosts.

The NWT economy, which relies on resource extraction, is entering the new year on a precipice. De Beers' Snap Lake diamond mine closed in early December, North American Tungsten declared bankruptcy and closed its Cantung mine earlier in the fall, the territorial government approved up to $4.5 million to pick up a tungsten-rich property because nobody else wanted it, Canadian Zinc shut down its Prairie Creek project in September and Dominion Diamond experienced what was described in media as a "shareholder revolt," which resulted in two board members stepping down. Only time will tell whether this leadership shuffle will result in any changes in the company's Diavik or Ekati diamond mines.

The oil and gas sectors remained relatively inert last year. ConocoPhillips did not return to do any exploratory drilling in the Sahtu and Imperial Oil delayed plans to drill in the Beaufort Sea.

Meanwhile, the National Energy Board released a study last May that speculated the Sahtu could be sitting on as many as 200 billion barrels of oil.

In aviation, one of the territory's stalwart companies, Buffalo Airways, was grounded in early December by Transport Canada. The federal department cited serious safety concerns and there is no timeline for when - or if - the airline will get off the ground again in 2016.

In power generation, the territorial government added $30 million in September to 2014's $20 million subsidy to the Northwest Territories Power Corporation. This is to keep the cost of power at the same rate as the power corp. increasingly relies on diesel generation in the face of low water levels.

The new government will have to decide whether it will be able to afford to continue these subsidies this year.

The public also does not yet know how much money in resource revenues the government stands to lose with Snap Lake, Cantung and Prairie Creek closing their doors but whatever the total is, it could be coupled with an estimated loss of $34 million per year in federal transfer payments, more bad economic news that came down the pipe just before Christmas. The territorial government has slotted expenditures of approximately $1.6 billion over the coming year.

The economy and power generation were big problems as 2014 came to a close and one year later, these problems persist. Nobody knows if or when resource prices will rebound.

Rather than play the waiting game, those in power must think about diversifying the economy. While the government itself will certainly continue to be a major contributor to the NWT economy, the mining sector's contributions will need to be supplemented. Tourism is a good place to start but won't fill the role entirely.

It will be up to the territorial government to hold the Liberals accountable for the campaign promises they have made to invest in Northern infrastructure.

To borrow words from News/North's colourful columnist Cece McCauley, the territory's leaders are going to need to usher in the new year with their thinking caps on.

The prospect of tackling significant challenges with hope and optimism is what is greeting territorial leaders of Nunavut as 2016 begins, providing the money exists.

In an interview with Nunavut News/North, Premier Peter Tuptana spoke about the top items on his to-do list for the coming year, observing a need for change in the way education is delivered and a desire for the multimillion-dollar Iqaluit airport construction project to be completed on budget and on time.

The conversation touched on many issues of importance to Nunavummiut - housing, employment, job training, suicide prevention and devolution.

One thing Taptuna was not prepared for was a surprise from the federal government. A technical change in the way the territorial formula financing amount is calculated is resulting in a $34-million decrease in funding sent to Nunavut by Ottawa. The federal government plans to grant $1.462 billion in 2016-17 to the territory.

Finance Minister Keith Peterson is hopeful the discrepancy in the vital source of revenue, caused by a difference in how Statistics Canada measures data, can be resolved and the funding can be brought back to the expected level.

The issue of funding from the federal government is crucial to the territory's success in so many ways.

Promises made by the Liberal government will only become reality if the territory has its share of money to contribute.

The previous government's Building Canada fund provides 75 per cent of the funding for infrastructure projects like a small craft harbour for Pond Inlet and a deep-sea port for Iqaluit. Nunavut has to come up with the other 25 per cent for the project to proceed. That means the territory has to find $22.1 million to match Ottawa's $63.7 million for the Iqaluit port project and $10 million for the $40-million Pond Inlet project.

That said, there is reason for optimism in the coming year and beyond.

Nunavut MP Hunter Tootoo is a cabinet minister with a significant portfolio, the respect of his peers and a desire to deliver on the many needs identified during the 2015 election campaign.

Prime Minister Justin Trudeau is on side with a recognition of the many challenges residents of the North face. His government has already pledged an increase of funding for Nutrition North of $10 million per year for four years.

Key to Nunavut's ability to address many of its pressing problems is financial capacity. We are hopeful the federal government recognizes the multiple needs and assists the territorial government with the money required to make a real difference.