GNWT budget garners NWT Chamber approval
February 5th, 2009
Territorial Finance Minister Michael Miltenberger unveiled his 2009/10 budget earlier today in the Legislative Assembly and the NWT Chamber of Commerce is in general happy with his financial blueprint for the year ahead.
“As Mr. Miltenberger announced late last year, the Territorial Government is facing the prospect of a $40 million shortfall over the next two years; that – coupled with the current global economic situation and flagging commodity prices – undoubtedly made this a difficult budget to prepare,” said Ann Marie Tout, NWT Chamber President. “Especially considering these massive challenges he was facing which are all largely outside his control, the Chamber is more than satisfied with many of the initiatives contained in the budget.”
In particular, the Chamber is pleased by the inclusion of $246 million for infrastructure spending, she said.
“Last week, the Federal Government did its part by committing significant funding towards infrastructure, which will help keep Northerners working during these troubled times,” said Tout. “It is encouraging to see our own finance minister is on the same page and focused on achieving that same critical goal.”
Other highlights that the NWT Chamber was encouraged to see in the territorial budget include:
- An additional $750,000 for the Support for Entrepreneurs and Economic Development (SEED) program for an annual total of $3.2 million;
- $9.8 million for alternative energy projects around the NWT;
- $3 million a year for three years to enhance the Territorial Power Subsidy with the stated objective of lowering commercial power costs, and;
- $300,000 for a new initiative promoting the NWT sport hunting industry.
On the negative side, the NWT Chamber was disappointed to learn the GNWT will increase property tax rates on mining, pipeline and oil and gas properties by 15 per cent.
“That tax increase will be yet another barrier to development in the NWT,” said Tout. “We’ll certainly be looking for some more information on that from the minister when we meet with him next.”
Given the state of the global economy, however, the NWT Chamber was supportive of the overall territorial budget.
“Obviously this budget won’t satisfy everyone and will be subject to some criticism,” she said. “However, Minister Miltenberger deserves credit for delivering a budget built on compromise, which after all is at the heart of our political system in the NWT.”
In association with the network of community Chambers of Commerce in Fort Simpson, Behchoko, Norman Wells, Fort Smith, Hay River and Yellowknife as well as the Northern Aboriginal Business Association, the NWT Chamber of Commerce represents the interests of more than 865 members. For more than 35 years, it has been the only pan-territorial voice of businesses across all sectors of the Northern economy.
