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Third Session, Thirty-Ninth Legislature

This version is based on the printed bill that was distributed in the Legislature after First Reading.   It is not the official version.   If accuracy is critical, you can obtain a copy of the printed bill from Statutory Publications or view the online bilingual version (PDF).

Bill 218

THE BALANCED BUDGET, FISCAL MANAGEMENT AND TAXPAYER ACCOUNTABILITY AMENDMENT ACT


Explanatory Note

(Assented to                                         )

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

C.C.S.M. c. B5 amended

1           The Balanced Budget, Fiscal Management and Taxpayer Accountability Act is amended by this Act.

2(1)        Subsection 3(1) is replaced with the following:

Balance at end of fiscal year

3(1)        For the purposes of this Act, the balance at the end of a fiscal year is the net income or loss as shown in the audited summary financial statements for the government reporting entity for that fiscal year, subject to any adjustments to be made for that fiscal year under subsection (2), (3) or (3.1).

2(2)        The following is added after subsection 3(3):

Transfers from fiscal stabilization account permitted

3(3.1)      Funds from the fiscal stabilization account that are used to support core government operations in a fiscal year under subsection 26.1(4) of The Financial Administration Act are to be treated as income in determining the balance for that fiscal year.

Coming into force

3           This Act comes into force on the day it receives royal assent.

Explanatory Note

This Bill amends The Balanced Budget, Fiscal Management and Taxpayer Accountability Act to require the government to maintain a positive balance in each fiscal year.