Merci, Monsieur le President. In the Finance Minister's budget address on February 8th, 2023, there was mention of a review of the fiscal responsibility policy. She said, quote, last summer, we evaluated this policy and its requirement that at least half of GNWT capital investments is financed by the operating surplus to ensure that it still is effective in meeting our debt management principles. We've already started changes in the reporting on the future debt implications in this budget, and in short order, we will be revising the fiscal responsibility policy to help decision makers better understand the implications of their budget choices, end of quote. The fiscal responsibility policy has failed to keep us out of growing debt. The 20232024 year-end debt projection is $1.5 billion, $65 million higher than that projected for 20222023. This policy also did not prevent the massive overbudgeting of capital projects that has finally been capped, at least in practice. I can confirm that there was engagement with Regular MLAs on the fiscal responsibility policy late last year. Unfortunately, I can't talk much about it, but I do think our feedback was amongst the best work we have ever done. It appears that the Minister has finally heard Regular MLAs' calls for the calculations associated with the determination of compliance or noncompliance with the fiscal responsibility policy that will now regularly be found in financial documents. We need more detailed financial reporting and accountability throughout the year to ensure that sound financial management continues. There needs to be some consequences, though, for noncompliance and at a minimum a requirement for a plan to be made public to bring our finances back in order. I'm particularly concerned with this government's increasing reliance on public, private partnerships or P3s as a way to finance larger capital projects. There's been little to no analysis or disclosure of the impact this has had on our operating budgets as P3 services costs eat away into our ability to provide programs and services. There should be firm caps on P3 servicing costs just as there are on debt servicing as part of the fiscal responsibility policy. I will have questions later today for the Minister of Finance. Mahsi, Mr. Speaker.
Thank you, Member for Frame Lake. Members' statements. Member for Thebacha.
