Thank you, Mr. Chair.
Mr. Vaughan, thank you again. I want to echo the comments of my fellow committee members and thank you for an excellent and very thorough report. I certainly appreciate the opportunity to start this mandate of the committee by studying and digesting it.
I want to come back to the issue of the public transit tax credit. I wonder if you can start our conversation by agreeing that the premise of supporting public transit and encouraging public transit is good public policy. It's clear that the stated goal of reducing greenhouse gas emissions was not met. The original goal was 220,000 tonnes per year, and the actual achieved was 35,000 tonnes per year.
I presume that the original projected cost of $635 million, which I understand has yet to be confirmed, corresponds to the original stated goal of 220,000 tonnes. Is that correct? If the actual achieved greenhouse gas emission target is less--about 16% of the goal--is it not logical that the actual cost would be less by a corresponding amount?