Thank you, Madam Chair. The debt repayment component represents the annual debt payments that the Housing Corporation makes under the Social Housing Agreement. The components in there are both an interest component, which is approximately $370,000, as well as we do budget for the principal portion. That is the balance of the $955. The previous year actuals, that represents a net amount of the debt payments. You can see that the actual payments in the previous year, under mortgage payments, social housing agreement, you'll see that that is $463,000. That represents the interest portion.
From an audit standpoint, you report your expenditure for interest, but the principle portion would have been charged against the debt obligation. What you are seeing here is just the interest portion. However, the Housing Corporation does budget for both because we do need the cash set aside in our fiscal framework to accommodate both payments.
The combination of the "mortgage payments - social housing agreement" $463,000 in the previous actuals, 2018-2019, are netted with the valuation allowance of $350,000. You will see that as a credit. Those two net together to give you the hundred. The hundred, the valuation adjustment, just to explain that as well, the valuation adjustment represents an adjustment that was made on the mortgage receivable portfolio. This past year, the Housing Corporation's mortgage valuation improved, so it ended up being an offset to the expenditure. Lots of details, but that does explain the change. Thank you, Madam Chair.