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The Fiscal Stabilization Fund Act

S.M. 1989-90, c. 16

Bill 27, 2nd Session, 34th Legislature

The Fiscal Stabilization Fund Act

(Assented to December 13, 1989)

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

Interpretation

1           In this Act,

"fund" means the Fiscal Stabilization Fund established in section 2; («Fonds»)

"minister" means the Minister of Finance; («ministre»)

"revenue" means revenue as defined in The Financial Administration Act. («revenu»)

Fund established

2(1)        The Fiscal Stabilization Fund is hereby established under the direction and control of the minister.

Purpose of fund

2(2)        The purpose of the fund is to assist in stabilizing the fiscal position of the government from year to year and to improve long-term fiscal planning.

Management of fund

2(3)        The minister shall hold the fund in trust and shall manage the fund in accordance with the provisions of The Financial Administration Act.

Deposits in fund

3(1)        Notwithstanding The Financial Administration Act, the minister may, with the approval of the Lieutenant Governor in Council, deposit in the fund any part of the revenue or other financial assets received in any fiscal year, commencing with the fiscal year ending on March 31, 1989.

Earnings of fund

3(2)        The minister shall credit to the fund any earnings from investments of the fund.

Transfers out of the fund

4(1)        Subject to subsection (2), the minister may, for the purpose mentioned in subsection 2(2), and with the approval of the Lieutenant Governor in Council, transfer to revenue of the Consolidated Fund all or any part of amounts standing to the credit of the fund.

Restriction

4(2)        A transfer under subsection (1) may be made only once in each fiscal year, and the amount transferred in a fiscal year shall not exceed the amount specified to be transferred from the fund in the Detailed Estimates of Revenue of the Province of Manitoba for that fiscal year as laid before the Legislative Assembly.

No lapse

5           Notwithstanding any other Act or law, amounts standing to the credit of the fund do not lapse at the end of any fiscal year.

Fiscal year

6           The fiscal year of the fund shall be the period commencing on April 1 in one year and ending on March 31 in the next year.

Regulations

7           The Lieutenant Governor in Council may make any regulations that the Lieutenant Governor in Council considers necessary respecting the administration of the fund.

Audit

8           The accounts and transactions of the fund shall be audited annually by the Provincial Auditor.

Financial statements

9(1)        The minister shall, annually, within four months of the end of the fiscal year, submit to the Lieutenant Governor in Council the audited financial statements of the fund for that fiscal year.

Tabling of statements in Assembly

9(2)        The minister shall table in the Legislative Assembly a copy of the financial statements of the fund provided to the Lieutenant Governor in Council pursuant to subsection (1) forthwith if the Assembly is then in Session and, if it is not then in Session, within 15 days of the commencement of the next ensuing Session.

C. C. S. M.

10          This Act may be cited as chapter F85 of the Continuing Consolidation of the Statutes of Manitoba.

Coming into force

11          This Act is retroactive and is deemed to have come into force on March 31, 1989.