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S.M. 2008, c. 44
Bill 38, 2nd Session, 39th Legislature
The Balanced Budget, Fiscal Management and Taxpayer Accountability Act
| PART 1 | |
| BALANCED BUDGET AND FINANCIAL MANAGEMENT STRATEGY | |
| 1 | Definitions |
| BALANCED BUDGET | |
| 2(1) | Annual budget for government reporting entity |
| (2) | Time to present budget |
| 3(1) | Balance at end of fiscal year |
| (2) | Proceeds from sale of Crown corporation not included in determining balance |
| (3) | Other adjustments in determining balance |
| (4) | Declaration of L.G. in C. |
| (5) | Effect of declaration |
| 4(1) | Annual statement of balance |
| (2) | Auditor General's report |
| 5 | Third-quarter report of projected balance |
| 6(1) | Consequence of negative balance |
| (2) | Salary reduction |
| (3) | Application after change in government |
| 7(1) | Consequence of projected negative balance |
| (2) | If negative balance not realized |
| FINANCIAL MANAGEMENT STRATEGY | |
| 8(1) | Financial management strategy |
| (2) | Strategy document to be tabled in Assembly |
| 9(1) | Report on outcomes |
| (2) | Report to be tabled in Assembly |
| PART 2 | |
| TAX REFERENDUM REQUIREMENT | |
| 10(1) | Referendum required for tax changes |
| (2) | Revenue neutral and external changes |
| 11(1) | Referendum procedures |
| (2) | Question to be put to voters |
| (3) | Regulations re procedures |
| (4) | Costs of referendum |
| PART 3 | |
| DEBT REPAYMENT | |
| 12 | Definitions |
| 13(1) | Debt retirement account |
| (2) | Annual transfers to debt retirement account |
| (3) | Additional amounts may be transferred |
| 14(1) | Payments from debt retirement account |
| (2) | Required payments every 5 years |
| (3) | Allocation made under former Act |
| 15(1) | Debt Retirement Account Allocation Committee |
| (2) | Duties of allocation committee |
| (3) | Effective reduction of aggregate amount |
| (4) | Requirement regarding matching contributions for new employees |
| PART 4 | |
| AMENDMENT OR REPEAL | |
| 16(1) | Restriction on amendment or repeal |
| (2) | Requirements re hearings |
| PART 5 | |
| AMENDMENTS, REPEALS, C.C.S.M. REFERENCE AND COMING INTO FORCE | |
| 17(1) | C.C.S.M. c. F55 amended |
| (2) | |
| 26.1(1) | Fiscal stabilization account |
| (2) | Target level |
| (3) | Annual transfer to account |
| (4) | Use of account |
| (3) | |
| 18 | C.C.S.M. c. B5 repealed |
| 19 | C.C.S.M. c. F85 repealed |
| 20(1) | Transitional |
| (2) | |
| 21 | C.C.S.M. reference |
| 22 | Coming into force |