E-12.00001 - Balanced Budget Act

Section 10 Disposition versions

1996-12-23

10. The Government may incur overruns for more than one fiscal year if it anticipates, in a Budget Speech and prior to the implementation of an offsetting financial plan, an overrun of $1,000,000,000 or more in the fiscal year covered by the budget, or if an overrun of $1,000,000,000 or more is recorded for a fiscal year, as a result of

(1)  a disaster having a major impact on revenue or expenditure;

(2)  a significant deterioration of economic conditions; or

(3)  a change in federal programs of transfer payments to the provinces that would substantially reduce transfer payments to the Government.

1996, c. 55, s. 10.