Français

REPEALED
Date: October 9, 2008


C.C.S.M. c. F85

The Fiscal Stabilization Fund Act

Table of contents

(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,

"balance" has the same meaning as in The Balanced Budget, Debt Repayment and Taxpayer Accountability Act; (« solde »)

"Crown corporation" means Manitoba Hydro, The Manitoba Public Insurance Corporation, The Liquor Control Commission and The Manitoba Lotteries Corporation; (« société de la Couronne »)

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

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

S.M. 2000, c. 42, s. 13.

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.

Transfers to fund

3(1)

Subject to subsection (1.1) and despite The Financial Administration Act, the minister may, with the approval of the Lieutenant Governor in Council, transfer to the fund any part of a positive balance, in accordance with The Balanced Budget, Debt Repayment and Taxpayer Accountability Act.

Proceeds of sale of Crown corporation

3(1.1)

For greater certainty, the minister shall not deposit in the fund any revenue or other financial assets received by the government in a fiscal year ending after March 31, 2000 as a result of selling shares or assets of a Crown corporation in the course of a privatization of the Crown corporation.

Earnings of fund

3(2)

The minister shall credit to the fund any earnings from investments of the fund.

S.M. 2000, c. 42, s. 13.

Target level

3.1(1)

In this section, "target level" means an amount equal to 5% of the expenditure of the operating fund of the Consolidated Fund.

Achieving target level

3.1(2)

The minister shall make every effort to ensure that the amount standing to the credit of the fund reaches at least the target level.

S.M. 1995, c. 7, s.13.

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 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.

S.M. 1995, c. 7, s.13; S.M. 2000, c. 42, s. 13.

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 Auditor General.

S.M. 2001, c. 39, s. 31.

Financial statements

9(1)

The minister shall, annually, within six 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.

S.M. 1996, c. 59, s. 93.

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.