Thank you, Mr. Chair. The Territorial Formula Financing Grant increased by approximately $88 million in ’14-15, and of that, $67 million was due to the adjustment to our base with devolution and $39 million was due to the escalation of the grant of about 2.9 percent.

The issue, really, is the population growth. Our growth, relative to the growth in Canada, is a big factor in escalating our grant and right now our population is stagnant and we’re not growing at a rate equal to the rate of the rest of the country. As a result, it has an adverse impact on our rate of growth. So, we are predicting, based upon what’s happening with our population and some other factors, including provincial local spending, is that our grant, our base will grow roughly between 2 and 2.5 percent a year. Thank you.