The Yukon government unveiled its sixth billion-dollar budget this afternoon.

Operating spending is planned at $1,019,990,000, up from $972,350,000 in 2013.

The government expects to spend $1.66 billion over the 2014/2015 fiscal year among its departments, Crown corporations, and Yukon College. 

All three transfers from Canada rose this year, although the territorial formula financing grant is increasing at a slower rate.

The 2014/2015 territorial grant is estimated at $851.27 million up from $816.65 in the 2013/2014 fiscal year, while the health transfer is estimated at $33.37 million

compared to $29.56 million last year. The social transfer is expected to be $13.08 million compared to $12.78 million in 2013/2014.

The Yukon expects to bring in $127.75 million in tax revenue, including $72.29 million in income tax revenue.

The total revenue estimated for 2014/2015 is $1.21 billion, and a surplus of $72.21 million is expected.

By the end of the 2014/2015 fiscal year, the Yukon's accumulated surplus is expected to reach $1.33 billion, while the territory's net financial assets are estimated to reach $140.42 million.

For government departments only, the government estimates it will spend $1.14 billion.

The Department of Health and Social Services once again has the largest budget at $338.15 million, but it's been reduced by $7.73 million compared to the 2013/2014 budget.

Health saw a reduced O&M budget of $29 million, but an increased capital budget of $21.3 million.

The substantial reduction in Health's O&M budget is largely due to the absence of a one-time loan payment of $27 million to the Yukon Hospital Corporation which was included in the current fiscal budget.

Highways and Public Works accounts for the second largest departmental budget, with an estimated budget of $238 million.

Highways saw an increase over the 2013/2014 budget of $26.77 million, mostly accounted for by capital expenditures.

The Education department's budget has also increased for 2014/2015, by $25.42 million, again mostly accounted for by an increase on the capital

side of $22.47 million.

Community Services' 2014/2015 budget is estimated at $127.86 million, down from $153.15 in the previous fiscal year.

The department's operation and maintenance budget saw a reduction of about $8 million, due mostly to cuts in the fire management budget.

The 2013/2014 fiscal year required increases in the fire budget due to an unusually active fire season.

Community Services capital budget accounted for a difference of $17 million between the 2014/2015 and 2013/2014 fiscal years.

Energy, Mines and Resources accounts for the fifth-largest departmental spending plan at an estimated $87.91 million, up $3.28 million from the 2013/2014 fiscal year, accounted for by an increase in the capital expenditures.

The government is providing $3.44 million to continue the Interim Electrical Rebate.

The government also released its second supplementary budget for the 2013/2014 fiscal year, decreasing the current fiscal year's budget by $53.67 million.

See Wednesday's paper for further budget coverage, including reaction from the opposition parties and coverage of Premier Darrell Pasloski's budget address.