Thank you, Mr. Chairman. There is no doubt that in the last few years, we have been disappointed with the performance of our formula financing agreement with Canada. The level of revenue growth coming to us through that formula has been very constrained. It looks like it will be for this year and potentially into next year as well, although we are starting to see own-sourced revenues make up a lot of the revenue requirement. That has been encouraging.
Over the next three to four years in our forecast, however, it does look like our formula financing arrangement with Canada will start to improve in its annual growth rate. We will start to see growth rates driven by formula in the two-and-a-half to three-and-a-half percent range, which will help us significantly in meeting our annual forced growth expenditures.
We will have a few more years yet, as the Minister pointed out, where the formula will not be performing in an aggressive way, but certainly our current forecast shows that in years three and four, it does start to improve and narrow the gap between our revenue and expenditure growth rates, which is really the fundamental challenge at hand.