Second 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 38
THE BALANCED BUDGET, FISCAL MANAGEMENT AND TAXPAYER ACCOUNTABILITY ACT
Section |
Table of Contents |
| 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 |