Territorial government spending less and earning more – but net debt jumps

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The GNWT’s 2016-2017 financial statements was released yesterday.

Finance Minister Robert C. McLeod

Finance Minister Robert C. McLeod submitted the annual statements to the public ahead of its tabling in the Legislative Assembly. The decision put the public first comes as part of a bid to improve openness and transparency, stated McLeod in a news release.

With this push to keep the public in the loop, the release is accompanied with a “plain language” document to help average people make sense of their government’s cents, state the release.
Highlights from the 2016-2017 update include the following:

 

  • The government’s operating surplus ballooned to $175 million, $35 million more than more than projected. These funds are used to acquire capital assets.
  • Overall, GNWT racked up expenditures to the tune of $368 million in 2016-2017.
  • Net debt increased by $65 million, while short-term debt fell by $43 million during the year.
  • Less spending, more revenue: $7 million less was expended than budgeted for, with total revenues reaching $28 million more than expected.

The Public Accounts refers to the annual financial statements of the GNWT. The fiscal year of the GNWT is April 1 to March 31. The financial statements disclose the position of the GNWT as well as the results of operations for the fiscal year and any necessary notes to provide further details of certain items in the statements.

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