To respond to the specific question, I would point to the current language, just as an example, of the Yukon Act. So I'll sort of work from the bottom of your question and work back.
The current guidance that is provided for the administration of this federal authority, which has been in these acts and has been administered since, by my record, the 1980s, reads in its entirety, “No money may be borrowed under a law made under paragraph (1)(a) without the approval of the Governor in Council.”
The issue that arose that prompted a review of the operation of borrowing limits is twofold. Territorial governments are increasingly taking on larger, more ambitious, important projects, and they're looking to finance them in using instruments that have been developed over time. As both instruments and arrangements for risk sharing have become more sophisticated, there's not a whole lot of guidance in that line that I just read. So we started getting increasing questions, such as, if an arrangement looks like this, if a project looks like that, how would that be treated? As I said, there's not a lot of guidance there. The intent is to have clear rules. The territorial governments understand that clear rules facilitate clear fiscal planning. It's intended to clarify and to support decision-making by territorial governments.
With respect to how this is administered, I would make a general comment that the structure of the borrowing limit is to set a maximum amount within which territorial governments are completely free to take whatever decisions about how they allocate the free room that's left to them.
There's a parallel on the fiscal side with respect to the transfers that are provided by the federal government to the three territorial governments. They're quite significant in importance to the territorial governments. On the Finance website for the 2011-12 year, if you look at our website with respect to transfers to individual territories, it refers to how 67% of financial resources of the Yukon come from the federal government, 76% for the NWT, and 88% for Nunavut. The vast majority of that is territorial formula financing, and it's transferred unconditionally. The purpose of that money is to enable territorial governments to take the decisions they need to take to provide comparable programs and services, but we don't in any way look at—