Thank you, Mr. Speaker. Mr. Speaker, the Member is correct on formula financing. We are, at this time in our life as a government, heavily dependent on transfers from Ottawa, and receive up to 75 percent in any given year of our revenues from the federal government through transfers. We are hoping to turn that around, by the way, but it has been a slow process. The work that has been done recently has been driven by the federal government. Provinces and territories have raised the issue about formula financing and how it wasn't working and meeting the needs that the initial program was set up for.
With that, the Prime Minister and Premiers agreed to have an equalization panel established to review the equalization program and include territorial formula financing in that. We worked from the territories' end to ensure that formula financing was dealt with somewhat separately. A couple of the members from the federal panel will be part of the subcommittee that looks at territorial formula financing. There is another member being appointed from that committee to look at the territorial side of financing.
But it is really up in the air as to what recommendations they may come back with. Their task is to review the existing equalization formula financing program and then come back with some recommendations. We expect them to come back in about 10 months' time. How will it affect own-source revenues? How will it affect taxation or taxation efforts? We are unclear of it, but we will definitely be plugging in to ensure that our points of view are registered. Thank you.