Thank you very much, Mr. Chair.
Mr. Giroux, thank you for being with us again today.
When I look at figure 1-3, which is titled “Year-over-year change in the composition of budgetary authorities”, I see that transfer payments are decreasing by about 1%, as are operating and capital expenditures.
Should we link the decrease in transfer payments to the fiscal imbalance? Are the numbers a bit skewed because, owing to the pandemic, there were more transfers to Quebec and the Canadian provinces? Is it a combination of the two? In short, I would like to understand what the decrease in transfer payments is related to.