Thank you, Mr. Speaker. Mr. Speaker, earlier today, I spoke about the cost of living and the many factors that are affecting the cost of living here, in the North. Our government is partially to blame as it relates to the challenges that we are having internally with our own government revenue. My questions today are to the Minister of Finance. I want to talk first about the territorial financing formula. I want to know: can the Minister maybe explain to us what the formula consists of?
It seems to me that this is a punitive arrangement, one where it disincentivizes us from generating our own revenue. It might be time that we have to renegotiate this. Can the Minister give us a little bit of background on how we got into this arrangement to begin with? Thank you, Mr. Speaker.