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2008 Legislative Session: 4th Session, 38th Parliament

THIRD READING

The following electronic version is for informational purposes only.

The printed version remains the official version.

Certified correct as passed Third Reading on the 12th day of February, 2009

Ian D. Izard, Q.C., Law Clerk

HONOURABLE COLIN HANSEN

MINISTER OF FINANCE AND MINISTER

RESPONSIBLE FOR THE OLYMPICS

BILL 48 – 2009

FINANCE STATUTES (DEFICIT AUTHORIZATION

AND DEBT ELIMINATION) AMENDMENT ACT, 2009

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

Balanced Budget and Ministerial Accountability Act

1 The Balanced Budget and Ministerial Accountability Act , S.B.C. 2001, c. 28, is amended by adding the following section:

Deficits permitted for 2009-2010 and 2010-2011 fiscal years

2.1 The prohibition in

section 2 [prohibition against deficit budgets] does not apply to the main estimates for the 2009-2010 fiscal year and the 2010-2011 fiscal year.

Section 2.1 is repealed.

Budget Transparency and Accountability Act

3 The Budget Transparency and Accountability Act , S.B.C. 2000, c. 23, is amended by adding the following

section in

Part 1:

Operating debt elimination

8.1

(1) If the public accounts for a fiscal year indicate that there was Provincial government direct operating debt at the end of the fiscal year, any increase for that fiscal year in cash and cash equivalents in the consolidated revenue fund must be applied to reduce or eliminate that debt.

(2) Supplementary estimates may not be presented to the Legislative Assembly if the most recent quarterly report includes a forecast that there will be Provincial government direct operating debt at the end of the fiscal year to which the quarterly report applies.

Section 9 (2) (a) (iii) is repealed and the following substituted:

(iii) changes in cash and cash equivalents; .

Section 9 (2) is amended

(

a) by deleting paragraph (

b) and substituting the following:

(

b) for the government reporting entity, supplementary schedules that include

(

i) amounts held and administered in trust, and

(ii) a

summary of debt at the end of the fiscal year, including a statement of the Provincial government direct operating debt at the end of that fiscal year; , and

(

b) in paragraph (

d) by striking out " and " at the end of subparagraph (iv), and by adding the following subparagraphs:

(vi) revenues and expenses and the resulting surplus or deficit for the fiscal year and the preceding fiscal year,

(vii) the balance sheet as at the end of the fiscal year and the preceding fiscal year, and

(viii) changes in cash and cash equivalents between the fiscal year and the preceding fiscal year; .

Section 10 (2) (b) (ii) is repealed and the following substituted:

(ii) the forecast of the debt as at the end of that fiscal year, including a forecast of the Provincial government direct operating debt at the end of that fiscal year, and .

Commencement

7 The provisions of this Act referred to in column 1 of the following table come into force as set out in column 2 of the table:

Item

Column 1

Provisions of Act

Column 2

Commencement

Anything not elsewhere covered by this table

The date of Royal Assent

Sections 2 and 3

April 1, 2011

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