Thank you to the witnesses for coming today and providing your testimony to the committee on a very important subject, obviously.
Those words you ended with, Mr. Mayor, are obviously of great concern, an untenable situation. Let me come back to that.
If I could, I'll start with you, Mr. McBride, about P3s, and I think a simple question of definition.
The language of the government's recent budget, with the new public transit funding, seemed to suggest that P3s are a kind of sub-universe of a broader universe of alternative financing. Is that the case? Am I to understand that correctly?