Finance department: GNWT in good financial standing
Careful fiscal management needed, according to comptroller general
Kirsten Fenn
Northern News Services
Tuesday, April 11, 2017
SOMBA K'E/YELLOWKNIFE
The territorial government needs to keep a close eye on how it manages its money despite being in a good financial position, according to the Department of Finance.
Comptroller general Jamie Koe answers questions from MLAs during a review of the GNWT's public accounts last Tuesday at the legislative assembly. To his left is Chervahun Emilien, manager of financial reporting and collections at the Department of Finance. - Kirsten Fenn/NNSL photo
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That's the message MLAs heard during a review of the GNWT's 2015-16 public accounts last Tuesday at the legislative assembly.
"The annual report from the office of the auditor general . is positive overall," said Jamie Koe, comptroller general for the department. "The GNWT is financially stable . however it does have limited flexibility to raise financial resources."
He added this limited flexibility points to a need for careful fiscal management.
Public accounts show the GNWT's financial statements and health for the last fiscal year, which ended March 31, 2016.
According to the numbers, the GNWT's net debt increased by $106 million, from about $777 million in 2015 to around $883 million in 2016.
Most of that increase was a result of work on large projects like the new Stanton Territorial Hospital and the Mackenzie Valley Fibre Link project, Koe said.
At the same time, the surplus grew from $1.9 billion in 2015 to $2 billion in 2016.
Liabilities, which include things like short-term loans and long-term debt, grew by $100 million, from $1.3 billion to $1.4 billion, Koe said.
The government didn't bring in as much money as expected in 2016, although its expenses were also lower.
It brought in $2.029 million in revenue - $39 million less than budgeted for - while expenses totaled $15 million less than expected, according to Koe.
