R-25.1 - Act to establish a budgetary surplus reserve fund

Updated to 6 January 2003

This document has official status.

chapter R-25.1

Act to establish a budgetary surplus reserve fund

1. The Minister of Finance shall determine, in the Budget Speech, the surpluses that may be appropriated in whole or in part to a budgetary reserve fund.

The Minister shall also determine the accounts of the reserve fund and the amounts appropriated to each account.

In this Act, “surplus” has the meaning assigned by section 2 of the Balanced Budget Act (chapter E-12.00001).

2001, c. 56, s. 1.

2. The reserve fund may be used only for capital projects and other projects having a defined duration.

The Government may, however, where it is of the opinion that the public interest so warrants, authorize projects other than those referred to in the first paragraph.

2001, c. 56, s. 2.

3. The Government shall form committees to select the projects assigned to each account. The committees shall be composed of the Minister of Finance, the chair of the Conseil du trésor and any other minister designated by the Government.

The committees shall submit the projects selected to the Government for approval.

2001, c. 56, s. 3.

4. Notwithstanding sections 1 to 3, the Government may appropriate the reserve fund in whole or in part to the maintenance of budgetary balance where it considers any of the following circumstances has arisen :

(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.

2001, c. 56, s. 4.

5. The sums appropriated to the reserve fund, except those used pursuant to section 2 and those appropriated pursuant to section 4, shall be deposited by the Minister with the Caisse de dépôt et placement du Québec during the fiscal year covered by the budget.

The Caisse de dépôt et placement du Québec shall administer the sums in accordance with the investment policy determined by the Minister.

The revenue earned on the sums shall be accounted for in the Consolidated Revenue Fund and is deemed to be appropriated to the reserve fund.

2001, c. 56, s. 5.

6. The expenditure budget must contain a summary of the estimates that relate to expenditures involving the use of the reserve fund.

The sums that are allocated to such expenditures may be used only for the carrying out of the projects approved by the Government.

This section does not apply to sums appropriated pursuant to section 4.

2001, c. 56, s. 6.

7. The Minister may also in the Budget Speech reduce the amounts appropriated to a reserve fund account by the sums that have not been allocated to a project. Those sums must be reallocated to other reserve fund accounts.

2001, c. 56, s. 7.

8. The Minister shall report each year to the National Assembly on the transactions of the reserve fund for each reserve fund account.

2001, c. 56, s. 8.

9. The Minister of Finance is responsible for the administration of this Act.

2001, c. 56, s. 9.

10. (Amendment integrated into c. E-12.00001, title of the Act).

2001, c. 56, s. 10.

11. (Amendment integrated into c. E-12.00001, s. 1).

2001, c. 56, s. 11.

12. (Amendment integrated into c. E-12.00001, s. 2).

2001, c. 56, s. 12.

13. (Omitted).

2001, c. 56, s. 13.

14. (Amendment integrated into c. E-12.00001, s. 6).

2001, c. 56, s. 14.

15. (Amendment integrated into c. E-12.00001, s. 7).

2001, c. 56, s. 15.

16. (Amendment integrated into c. E-12.00001, s. 11).

2001, c. 56, s. 16.

17. (Amendment integrated into c. E-12.00001, s. 14.1).

2001, c. 56, s. 17.

18. (Amendment integrated into c. E-12.00001, s. 15).

2001, c. 56, s. 18.

19. Sections 1 and 10 to 18 of this Act have effect from 29 March 2001.

2001, c. 56, s. 19.

20. (Omitted).

2001, c. 56, s. 20.

REPEAL SCHEDULE

In accordance with section 9 of the Act respecting the consolidation of the statutes and regulations (chapter R-3), chapter 56 of the statutes of 2001, in force on 1 April 2002, is repealed, except section 20, effective from the coming into force of chapter R-25.1 of the Revised Statutes.