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May 21, 2004
What's in the GN's new budget?
NUNATSIAQ NEWS
- The GN plans to spend $850.7 million in 2003-04.
- Of that, the GN plans to spend $742.8 million on operation and maintenance,
and about $108 million on capital projects.
- The GN expects to receive $876.5 million in total revenues.
- Of that, the GN expects to receive $734.7 million from the formula financing
agreement, $67.7 million from other federal agreements, and $74 million from
Nunavut taxes and other sources.
- The Department of Health and Social Services is expected to be the biggest
spender, at $210.9 million, followed by Education ($165.7 million), Community
and Government Services ($108.8 million), and the Nunavut Housing Corporation
($79.17 million).
- The GN has set aside $66 million for contingencies — which means unexpected
needs, such as buildings destroyed by fire and so on.
- In the fiscal year just past, 2003-04, the territorial government ran up
a deficit estimated at $29.2 million, up from the $11.6 million deficit they
first projected.
- In the new fiscal year, 2004-05, the territorial government expects a deficit
of $13.4 million.
- The GN will cover this year's deficit out of cash reserves, which usually
stand between $40 and $50 million.
- Nunavut's long-term debts, mostly inherited from the Northwest Territories,
stand at $143 million — only $57 million short of the $200 million debt
cap imposed by the Nunavut Act.
- The total cost of Nunavut's three new health centres is now at least $103
million, up from the $90 million estimated two or three years ago.
- Nunavut benefited last year from an extra $49.2 million in revenue from
the formula financing agreement, because of new information from Census Canada
about Nunavut's population growth between 1999 and 2003.
- The GN will provide an additional $10 million electrical power subsidy
to protect customers against the impact of a fuel rider that the Nunavut Power
Corporation will add to power bills this year.
- The education tax, which until now has been paid by property owners, will
be eliminated.
- Welfare recipients will see a 10 per cent increase in the food portion
of their checks.
- The Financial Assistance to Nunavut Students Program has been increased
by $2 million.
- The government will spend $600,000 to set up the human rights tribunal
required by the Human Rights Act.
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