Bill 221 — Third Session, 24Th Legislature, 48 Elizabeth Ii the Legislative Assembly of Alberta Bill 221 Government Forecasting and Reporting Act (Legislature 24, Session 3)

L24 S3 942

Alberta — Bills

1999 BILL 221 Third Session, 24th Legislature, 48 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 221 GOVERNMENT FORECASTING AND REPORTING ACT MR. SAPERS First Reading Second Reading Committee of the Whole Third Reading Royal Assent

B ill 221 M r. Sapers BILL 221 1999 GOVERNMENT FORECASTING AND REPORTING ACT (A ssented to , 1999)

Preamble

WHEREAS responsible fiscal management is a key element in government fiscal policy;

WHEREAS the establishment of long-term objectives for fiscal policy is conducive to responsible fiscal management;

WHEREAS accurate forecasting and reporting on variances between fiscal forecasts and results are essential to the success of such a public policy; THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows:

Interpretation 1 In this Act, (a) “consolidated fiscal plan” means the consolidated fiscal plan prepared under

section 4 of the G overnm ent A ccountability A ct that is tabled with the main estimates for a fiscal year; (b) “estimates” means spending estimates of the Government transmitted to the Legislative Assembly. Fiscal strategy report 2(1) The Provincial Treasurer must prepare a fiscal strategy report for the Government for each fiscal year.

(2) The Provincial Treasurer must make the fiscal strategy report public at the time the Provincial Treasurer tables the consolidated fiscal plan and the estimates for that fiscal year in the Legislative 1

Assembly.

(3) A fiscal strategy report for a fiscal year must be for a period that includes the fiscal year and at least the 9 subsequent fiscal years. S p e cific co n te n ts o f th e fisca l stra te g y re p o rt 3(1) A fiscal strategy report must include estimated amounts for the Government for the fiscal year of (

a) the total revenue and a breakdown by sources of revenue, (

b) the total expenditure and a breakdown by category of expenditure, (

c) the consolidated net revenue or expenditure, (

d) the total capital investment, including a breakdown by categories of the capital investment, (

e) the consolidated surplus, (

f) the net financial position and a breakdown by liabilities and financial assets, (

g) the borrowing requirements, and (

h) any other information the Provincial Treasurer considers appropriate.

(2) A fiscal strategy report must include (

a) the targets desired by the Government for the variables outlined in subsection (1), (

b) a forecast of the future progress towards the long-term fiscal strategy and objectives specified in the consolidated fiscal plan most recently published in accordance with

section 4 of the G overnm ent A ccountability A ct, (

c) the major economic assumptions the Provincial Treasurer made in preparing the fiscal strategy report, including the effect changes in the assumptions may have on the finances of the Government in the fiscal year to which the fiscal strategy report relates, (

d) the anticipated economic conditions for the fiscal years to which the fiscal strategy report relates, 2

Pre-election fiscal strategy report Independent verification of revenue projections Coming into force (

e) reasons for any significant differences from previous fiscal strategy reports, and (

f) any other information the Provincial Treasurer considers appropriate. 4 The Provincial Treasurer must update and make public within 15 days of the issuance of a writ for a general election under the Election Act the fiscal strategy report prepared pursuant to

section 3. 5 The total revenue and the breakdown by sources of revenue contained in a fiscal strategy report prepared under this Act must be verified as to appropriateness, reliability and validity by an independent economic forecasting firm. 6 This Act comes into force on Proclamation. 3 Title: 1999 (24th, 3rd) Bill 221, Government Forecasting and Reporting Act

Document details

Collection	Alberta — Bills
Citation	L24 S3 942
Type	bill
Volume / chapter	L24 S3 942
Language	en
Format	json
Source	PROVINCIAL
Identifier	8fb418d9e48198811d7605ec54d7bad1e2b65f46

Source file is stored in the law ingest library (json).