It's time we 'informed' the Senate [duplicate]

In the movie Star Wars, one of Mace Windu(S.Jackson)'s line reads such that:

I think it is time we informed the Senate that our ability to use the Force has diminished.

Is saying 'inform the Senate' rather than 'informed the Senate' technically wrong?

It is correct:

IT'S (HIGH) TIME + PAST SUBJUNCTIVE

It's (high) time + past subjunctive expresses that something should be done and that it is already a bit late:

It's time you went to bed. You'll have to get up early tomorrow. It's high time I bought a new pair of jeans. It's about time this road was completed. They've been working on it for months. When we say that the right time has arrived for something and we are still in time, we can use the following patterns:

It's time (for you) to go to bed. It's time to say goodbye. It's time for breakfast.