E-12.00001 - Balanced Budget Act

Section 11 Disposition versions

2001-12-20

11. In the cases provided for in section 10, the Government must offset, over a maximum period of five years, the overruns incurred or anticipated for that period. To that end, the Minister of Finance shall, in the Budget Speech for the first fiscal year of that period,

(1)  report to the National Assembly on the circumstances making it necessary for the Government to avail itself of section 10;

(2)  present a financial plan to offset the overruns over that period, containing a revised financial framework;

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

(4)  offset at least 75% of the overruns over the first four fiscal years of that period.

The maximum five-year period referred to in this section commences at the beginning of the fiscal year in which an overrun is recorded or anticipated as provided in section 10. However, where an overrun is recorded for the current fiscal year, the Minister may determine that the period commences at the beginning of the following fiscal year.

1996, c. 55, s. 11; 2001, c. 56, s. 16.

1996-12-23

11. In the cases provided for in section 10, the Government must offset, over a maximum period of five years, the overruns incurred or anticipated for that period. To that end, the Minister of Finance shall, in the Budget Speech for the first fiscal year of that period,

(1)  report to the National Assembly on the circumstances making it necessary for the Government to avail itself of section 10;

(2)  present a financial plan to offset the overruns over that period, containing a revised financial framework in relation to the deficit level or budgetary balance referred to in sections 3 to 6;

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

(4)  offset at least 75 % of the overruns over the first four fiscal years of that period.

The maximum five-year period referred to in this section commences at the beginning of the fiscal year in which an overrun is recorded or anticipated as provided in section 10. However, where an overrun is recorded for the current fiscal year, the Minister may determine that the period commences at the beginning of the following fiscal year.

1996, c. 55, s. 11.