Thank you for that.
You're absolutely right. There are funds we have available now: the Canada community-building fund, which was the former gas tax fund; the green building fund; the disaster mitigation fund; and even the ports modernization review. There's some funding that is expected to come through that review.
The bottom line is that when it comes to climate change and the cost, what we're trying to do, not only through those funds but also through the carbon tax—carbon pricing—is contribute a lot of the dollars we collect, in this case from the polluters, and repurpose that money back to the municipalities. The wildfires and the hundred-year storms, which are now five-year storms, cost money, and that lands, and quite frankly defaults, onto property taxes and water bills.
In giving through those funds at all levels of government, and particularly here at the federal level of government—the ones I just mentioned, as well as the carbon tax—money is going back to residents, with 90% going to individuals and 10% back to municipalities, which mitigates the impact on the property tax and the water bills.
However, you raised a good point about debentures.
Would you agree that if we had a sustainable fund, whether through the FCM or other mechanisms, municipalities could then take full advantage of debenturing a lot of that infrastructure work over a period of time? It could be handed down, but they would be using the funds available at all levels of government to pay down that debenture so that their operating budgets aren't impacting their capital planning and their capital budgets, based on that money sustainably funding their operating budget and mitigating the default impact on the property tax and water bills.