Thank you very much, Mr. Chair.
Once again, I'd like to thank all of the witnesses for some very thoughtful presentations. While there may be different perspectives expressed, I certainly do appreciate all of the time and effort you've put into this as the committee tries to understand exactly what is wrong with the Canada Infrastructure Bank. This institution that was supposed to lead to billions and billions of dollars of private sector money rushing in to help get big projects built has, of course, delivered zero completed projects in the four years it has been in existence. Its recent quarterly report shows that it has lost over $110 million in taxpayers' money without anything to show for it.
That's what this committee is all about. It's great to hear some perspective from those who may object philosophically to P3s—public-private partnerships—and those who support them as a concept but understand that the bank itself has a flawed model. That's what this committee is trying to get to the bottom of.
I'd like to start with Ms. Skivsky about some of the comments she made, in particular, the perception that there could be a looming shortfall of work. What we hear from a lot of municipalities is that there are a lot of shovel-ready projects and that many applications have been put in for work, so what is causing this perception that there's going to be a shortfall of work? Is it that the dollars aren't working out? Maybe you can delve into that a little bit.