Thank you, Madam Chair. Is this why we decided to sit past two, is to talk about this particular line item?

So in short, Madam Chair, I think we probably will see needs arising related to MTS back before us. There's quite a number of challenges ranging from environmental regulatory operational obstacles, including the fact of needing substantial repair and maintenance on the fleet that had been deferred by the prior owners, all of which is contributing to higher costs. And as a result of which, Madam Chair, as I say, I think we will probably continue to see some challenges here. It certainly is a risk that the Department of Finance has identified to our overall fiscal picture. That said, the good news, if you can call it that, Madam Chair, is that I do believe my colleague, Minister Archie, is overseeing some efforts to examine what the operational lens is over at MTS with a view to seeing if they can turn the ship around.

Oh, Member for Kam Lake.

I appreciated the pun. No, thank you, Madam Chair. So Madam Chair, I understand from the Minister that the Department of Infrastructure is overseeing efforts. Is that to say that there is a full review on the operations of MTS currently underway, and when can committee expect to see some -- I guess, or when can the public expect to see some results from that? Thank you.

Thank you. Minister of Finance.

Thank you, Madam Chair. Madam Chair, I don't have the timeline specifically on when this is due to come back but I can certainly commit to getting that to the House, and we can provide it in some fashion or another before this session is out. Thank you, Madam Chair.

Thank you. Member for Frame Lake.

Thanks, Madam Chair. I just want to understand how the revolving fund works. Have we actually maxed out the amount and it's just the amount beyond that that is showing up here in the sup, or is this the total deficit of the MTS? Thanks, Madam Chair.

Thank you. Minister of Finance.

Madam Chair, let's turn this over to the witnesses, if I could, please, deputy minister.

Deputy minister, go ahead.

Thank you. Member for Frame Lake.

Madam Chair, so if they incur an operating deficit in any one year, it just automatically shows up in the sups that we have to make that up; is that is how this works? Thanks, Madam Chair.

Thank you. Minister of Finance.

Thank you, Madam Chair. Unless they are able to fund internally. And so certainly, it's not that the previous years have been entirely rosy but there would have been either, you know, offset by certain grants or contributions coming from the federal government or otherwise from GNWT different -- and as such, that's where we wouldn't have necessarily seen this coming up whereas this year and into the -- there wasn't any types of grants or contributions that could be put towards these losses and nor are there expected to be at the close of this fiscal year coming. Thank you, Madam Chair.

Thank you. Member for Frame Lake.

Thank you, Madam Chair. Yeah, in the last Assembly, there was an agreement with the Regular MLAs that we would fast track a bill to establish the Marine Transportation Services Revolving Fund and the Cabinet was going to do some work on governance and a long term -- longer term plan for MTS. The second part never came. So I support my colleague from Kam Lake that we need to see that work, and the sooner the better. Thanks, Madam Chair. That's all.

Thank you, Madam Chair. This is an occasion where I can say I think there's consensus on that particular point, and I know that my colleague's already have begun that work and they're looking to have that in the first quarter, something ready in the first quarter for review. Thank you, Madam Chair.

Thank you. Are there any other questions? Member for Hay River South.

Thank you, Madam Chair. Just, you know, I'm in agreement in as well. Like, we need to -- we need to see a new government -- governance model sooner than later. You know, when I -- when I -- when I first heard that the government purchased the assets, I think it was for around $7 million, I thought, you know, that was a pretty good deal. And -- but I knew -- you know, with just knowing the history of MTCL I guess before that, YTCL, you know, that's how long ago it goes back, is that, you know, there's -- there's always been issues. And one concern I do have is that with the lands that come with it, just because they've been used for a long period of time, like years and decades, is the -- is the environmental liability. Is that going to -- is that factored in, or are we going to be see -- see something down the road with some big costs associated with it? Thank you.

Thank you. Minister of Finance.

Thank you, Madam Chair. I would expect -- I mean, you'll recall some of the accounting standards that we have, that if there was a liability to be accounted for now, that would now be, in fact, a catch under the public standards act -- or public accounting standards. Maybe I'll turn that to the deputy minister just to confirm that I'm correct, please.

Thank you. Go ahead, deputy minister.