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S.M. 2021, c. 42
Bill 48, 3rd Session, 42nd Legislature
The Fiscal Responsibility and Taxpayer Protection Amendment Act
This note was written as a reader's aid to the Bill and is not part of the law.
The Fiscal Responsibility and Taxpayer Protection Act requires that the government not incur a deficit greater than the baseline amount and penalizes ministers by reducing their salaries if the deficit is not reduced by at least $100 million each year.
This Bill amends The Fiscal Responsibility and Taxpayer Protection Act
to reset the baseline amount for 2020-2021 to the deficit reported under the Act for that fiscal year in the public accounts;
to enable the government to exclude pandemic expenditures in determining the deficit for the 2021-2022 fiscal year;
to provide for the payment of ministerial salaries withheld for the 2020-2021 fiscal year;
to require ministerial salaries for any following year to be reduced if the deficit for the year does not meet the target, which is the baseline for the year less 1/8 of the baseline amount for 2020-2021; and
to provide for the repayment of any ministerial salary reductions if the deficit is eliminated in the 2028-2029 fiscal year or earlier.
(Assented to May 20, 2021)
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
Clause 4(2)(a) is replaced with the following:
Subclause 4(2)(b)(i) is replaced with the following:
Subsection 6(4) is amended by adding the following after clause (a):
The following is added after subsection 7(1):
Subsection 8(6) is amended by replacing everything after "according to the following formula:" with the following:
Reduction = A × (B − C)/B
In this formula,
is the amount withheld for that year under subsection (2);
is the amount equal to 1/8 of the deficit reported under section 7 for the 2020-2021 fiscal year;
is the lesser of
(a) the amount equal to 1/8 of the deficit reported under section 7 for the 2020-2021 fiscal year, and
(b) the amount by which the baseline amount exceeds the deficit.
The following is added after subsection 8(11):
Subsection 8.1(1) is amended by striking out "after 2017 and before 2026" and substituting "after 2021 and before 2030".
On the day after this Act receives royal assent, the amount equal to the portion of the ministerial salary that has been withheld from a person under subsection 8(2) for the 2020-2021 fiscal year is payable to the person for that fiscal year, without interest.
This Act is deemed to have come into force on April 1, 2020.