E-12.00001 - Balanced Budget Act

Section 12 Disposition versions

1996-12-23

12. The Government may incur further overruns during the effective period of an offsetting financial plan if it anticipates, in a Budget Speech and prior to the implementation of a new 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 circumstances described in section 10. The Minister of Finance shall, in the Budget Speech,

(1)  report to the National Assembly on the circumstances making it necessary for the Government to incur further overruns;

(2)  present a financial plan to offset the further overruns over the remaining years of the effective period of the current offsetting financial plan, containing a revised financial framework in relation to the deficit level or budgetary balance provided for in the current offsetting financial plan;

(3)  apply measures to offset the further overruns by at least $1,000,000,000 during the fiscal year covered by the budget; and

(4)  offset at least 75% of the further overruns before the last fiscal year of that period.

1996, c. 55, s. 12.