Finance committee  I'm Alexander Bonnyman, debt management, Department of Finance.

Finance committee  It's the Borrowing Authority Act maximum borrowing amount. We use a term that is slightly different from the American term. It's viewed a little differently. The increase that's being recommended this year is as a result of total borrowing approaching the $1.831 trillion number that you mentioned at the end of 2024-25.

Finance committee  The increase is as a result of the borrowing needs as estimated from budget projections and a review of corporate plans of agent Crown corporations increasing over the next three years. As I said, the last projection as of May 2021 was that the limit would be $1.831 trillion. Again, the intent was that the horizon for that would be three years.