Thank you, Mr. Speaker. As a follow-up to my Member’s statement earlier today, I referenced that the GNWT received a failing D-plus grade in its financial reporting from the esteemed C.D. Howe Institute.
Can the Minister indicate if his department reviewed the C.D. Howe findings? Thank you.
Thank you, Mr. Dolynny. Minister of Finance, Mr. Miltenberger.
Thank you, Mr. Speaker. I would like to point out the report the Member talked about has good information in it. I do want to make a distinction, though. It doesn’t talk about how well we are run financially, our Aa1 credit rating and that we are well situated in terms of managing ourselves, one of the best jurisdictions in the country, but that is how we present that information through our public processes that need work.
We are looking at it. I hadn’t looked at it until the Member kindly gave me the indication that he is going to raise this today. I have gone online to take a look and we will look forward to the rest of the Member’s questions. Thank you.
I do appreciate the Minister’s response. When a Canadian research institute gives you not only an outright failing grade of D-plus but also tells you your financial reporting would bewilder the average person, I believe you have a problem.
Does the Minister at least agree with these findings? Thank you, Mr. Speaker.
I will indicate that I’m going to read that report and we are going to look closely at where the shortfalls are. I have looked at the chart. There are some things we are doing, some things that need improvement and other jurisdictions that had very good grades. Of course, we will check to see how they format their financial information to see what the best way to move forward would be. We would look at doing that in consultation and collaboration with the Special Committee on Priorities and Planning as we look forward to a potential upgrade and improvement to the financial information presentation of the Government of the Northwest Territories. Thank you.
Earlier this year the CFIB, or the Canadian Federation of Independent Business, gave this same government an F for red tape. Coupled with this information we are hearing from the C.D. Howe Institute, it does create some concern in terms of our financial reporting as well as the amount of red tape we make our residents endure.
So, with that, does the Minister agree that his department has much work to do to improve both financial reporting and our red tape burden? Thank you.
The Canadian Federation of Independent Business report is marginally helpful. In my mind, they have a very narrow list of things that they consider when they make their grades. They don’t look at the tons of work we’ve done with online reporting, the improving of our procedures, the accountability issues, the investment we’re making to speed up to be able to do things like online buying of registrations, doing all the things the government requires when going online.
But, yes, we recognize that as a system we need to constantly look at improving how we do our business. I acknowledge that we are interested in that kind of ongoing, continuous quality of improvement. I’ve already indicated how we would be intending to proceed. Thank you.
Thank you, Mr. Miltenberger. Final, short supplementary, Mr. Dolynny.
Thank you, Mr. Speaker. I am encouraged to hear that we are improving.
With that, can the Minister indicate what work is underway in the Finance department right now that will ensure the GNWT receives a better grade next year when C.D. Howe does its work, especially in the area of transparent financial reporting? Thank you.
Thank you, Mr. Speaker. We’re already in the process of planning for the capital plan for next year as well as the initial business planning process. So we are going to be looking at the format. We’ll see if there are any things that come out right away that could be done in the short term, mid-term, long term. We don’t want to run holus-bolus here. We have to understand what’s in the report, the detail, and we have to look at other jurisdictions, check the landscape, not try to reinvent the wheel. So, we will take careful, measured steps as we continue to provide a very, very well-run financial system for the people of the Northwest Territories. Thank you.
Thank you, Mr. Miltenberger. Member for Hay River North, Mr. Bouchard.
