Thank you, Madam Speaker. Last week your Standing Committee on Government Operations reported on the 20202021 Public Accounts. One aspect of their report that has been subject to recent media coverage was the $194 million deficit of the Northwest Territories Health and Social Services Authority. That's a shocking fiscal reality for this government, already cash strapped, to bear, and it's only expected to increase with the realizations on major operation deficiencies.
Looking at other major spending items in recent times, we now know that the cost to repair the catastrophic flood in Hay River, the town of Hay River, in excess of $174 million. We know that the Inuvik Wind Project was $30 million over budget. We know that the government is continuing to pursue infrastructure megaprojects like the Taltson Hydro Expansion and the Slave Geological Province Road, and the price tags are in the several billions of dollars.
Madam Speaker, it goes without saying that the money doesn't grow on trees and, at the end of the day, all these accounts add up. Despite a rosy budget speech from the Minister of Finance, if you talk to anyone in our communities and the streets, they all tell you the Government of the Northwest Territories is broke. The government has also hit its debt ceiling and won't be able to borrow without a new deal from the Government of Canada. Meanwhile, our revenues are flat, our diamond mines are closing, taking 30 percent of their GDP with them.
Madam Speaker, the day of fiscal reckoning will be soon athand. This government will have to either increase revenues or decrease expenditures. Without a clear source of future revenue, the only option for our future will be cuts to service jobs in the public sector.
Let me be clear: I don't like any of these options but at the end of the day, it's simple math. So my question for this government is equally simple: When are the cuts coming? Tomorrow? Next week? Next month? Or next year?
Madam Speaker, we're in the House. We have the dubious privilege of knowing the government plans before they happen through our work behind closed doors in the standing committee. Our hands are tied in what we can say and do with this information; however, I feel we owe it to the people of the Northwest Territories. I feel our residents needs to be honest about the financial crunch, especially when it comes to means of hundreds of jobs might be lost. No matter how unpopular such realities may be, we must confront them head on and ensure that they are planned according to maintain both adequate levels of public service to our residents and protect as many jobs as possible. I'll have questions for the Minister of Finance today. Thank you.
Thank you, Member. Members' statements. Member for Kam Lake.
