Yes. I believe the projection comes from the fact that the consular service fee of $25 has remained the same, irrespective of whether it was a five-year or a 10-year passport that was issued. The move to the majority of Canadians taking on passports for 10 years leads to a significant reduction in the revenues, because that $25 fee is being collected only every 10 years instead of every five years. That results in the decline that you see.
On June 5th, 2018. See this statement in context.