Caroline Wawzonek

Absolutely, Madam Chair. We can do that.

Madam Chair, I am told that would have been approximately fall of 2019.

Thank you, Madam Chair. In the short-term instruments, it would be 1.97 percent.

Thank you, Madam Chair. I am going to ask Mr. Koe to explain that, please.

Thank you, Madam Chair. Unfortunately, I may not have a fully satisfactory answer for the Member insofar as the simple reality is that, obviously, one can assume or one knows that an asset will come into play and will need to be budgeted for the year that the asset is completed or is in service. Obviously, one could assume that you would know that the hospital that was being built would come into service during this particular year. That said, there were uncertainties as to the exact timeline of the hospital and uncertainties as to the final total of the hospital, and so, again, while I can't...

Thank you, Madam Chair. Two parts: firstly is that, in the process of seeking main estimates from the various departments, individual departments certainly need to be given perhaps more scrutiny, more pressure, to ensure that those estimates are accurate. It will be somewhat challenged in the next budget cycle. Departments have already been providing those estimates before this administration even took their seats, but we will do our best over the next coming months to know that that is an expectation.

Internally, the Department of Finance, when this issue arose and our own conversations were...

Yes, it does.

I do, Mr. Sandy Kalgutkar and Mr. Jamie Koe.

Thank you, Madam Chair. I realize this is frustrating, but I would like to suggest to the Member that this is an opportunity for us to get it right and that, by going through this process as an Assembly right now, this is an opportunity to look at the fiscal policy that we do develop going forward and ensure that we are not back in this situation. In some ways, I'd say, this can be an opportunity for all of us.

As far as the immediate situation as to what would happen should the short-term borrowing limit not be increased, it certainly does create a situation where we are not being fiscally...

Thank you, Madam Chair. Similar to taxes, it is an ongoing obligation to pay. We would be certainly subject to changes in year-over-year mill rates as would any other property assessment. Essentially, it is a tax owing and will be due year over year, subject to a new assessment.