Yukon Premier Dennis Fentie tabled a $1.09-billion budget on Thursday, his last budget of his current mandate. He is expected to call a territorial election before his mandate expires this fall. (CBC)

Yukon Premier Dennis Fentie has released his third $1-billion budget, as his Yukon Party government prepares for an election later this year.

Fentie, who is finance minister as well as premier, tabled the $1.09-billion budget in the legislature on Thursday, calling it a balanced budget that has no tax increases and boasts a $38.5-million surplus.

It's the third time Yukon's budget has exceeded the $1-billion mark. Fentie noted that the first budget his government introduced in 2003 was only $550 million.

"Our budgets have clearly put Yukon on the pathway to prosperity," Fentie said in his budget speech Thursday.

The budget projects operations expenditures of $851.9 million and a capital budget of $238 million. Estimated revenue for 2011-12 are pegged at $1.1 billion, including an extra $50 million in basic transfer payments from the federal government.

Finance officials forecast that by the end of the 2011-12 fiscal year, the territory will have $43 million in net financial assets.

Fentie said the budget now includes a five-year capital plan that includes spending in 2011-12 for municipal buildings and transportation infrastructure, as well as information technology assets and land development.

Opposition Liberals and New Democrats noted the pre-election tone of this year's budget, which included a long list of achievements the Yukon Party government has made since it was elected to power in 2002.

"Our government has a proven track record of nine years of accomplishments, of which we are justifiably proud," Fentie said in his speech.

"These accomplishments were only achieved through all the hard work of all departments, their officials and, indeed, through the leadership of our ministers. We provided the policy direction and they delivered the goods."

Fentie is required to call a territorial election by this fall, when his mandate expires.