HER MAJESTY, by and with
the advice and consent of the Legislative Assembly of Alberta, enacts as
follows:
Definitions
1 In this Act,
(a) “accumulated
debt” means the aggregate amount of
(i) unredeemed Government securities that have not matured and that
are issued in respect of money raised under section 56(1) of the Financial
Administration Act, excluding
(A) any amounts raised for the purpose of making
advances to or purchasing securities of a Provincial corporation pursuant to
section 58 of the Financial Administration Act,
(B) the amount of Government securities acquired
and held under section 60 of the Financial Administration Act,
(C) any amounts raised for the purpose of
financing capital investment on or after April 1, 2003, and
(D) any amounts raised on or after April 1, 2008
for the purpose of constructing, purchasing or extending the life of capital
assets of school boards under the School Act, regional health
authorities under the Regional Health Authorities Act, the Alberta
Cancer Board under the Cancer Programs Act and public post‑secondary
institutions under the Post‑secondary Learning Act,
(ii) the total outstanding borrowings of the Alberta Social Housing
Corporation pursuant to section 25(3) of the Alberta Housing Act,
excluding any borrowings for the purpose of financing capital investment on or
after April 1, 2003, and
(iii) the liability for future funding, as reported in the consolidated
annual report, to enable school boards to repay debentures issued to the
Alberta Capital Finance Authority, excluding any debentures issued for the
purpose of financing capital spending by school boards on or after April 1,
2003;
(b) “actual”
means amounts as reported in the consolidated annual report for a fiscal year;
(b.01) repealed
2008 c5 s2;
(b.1) “capital
investment” means an amount expended to construct, purchase or extend the life
of capital assets of the Crown;
(c) “consolidated
annual report” means a consolidated annual report prepared under section 10 of
the Government Accountability Act;
(d) “consolidated
debt servicing costs” does not include principal repayments;
(e) “consolidated
fiscal plan” means the consolidated fiscal plan prepared under section 4 of the
Government Accountability Act that is
tabled with the main estimates for a fiscal year;
(f) “Crown”
includes a Provincial agency;
(g), (h) repealed
2003 c2 s2;
(i) “estimated”
means estimated in the consolidated fiscal plan for a fiscal year;
(j) “expenditure”
includes expense and capital investment;
(j.1) “expense”
means expense of the Crown for all purposes adjusted for
(i) increases or decreases in liabilities respecting pensions, and
(ii) increases or decreases in liabilities for future funding to
enable organizations to repay money borrowed on or after April 1, 2003 from the
Alberta Capital Finance Authority for the purpose of financing capital
spending;
(k) “forecast”
means forecast in the most recent quarterly budget update;
(k.1) “non-renewable
resource revenue for fiscal policy purposes” in respect of a fiscal year means
the lesser of
(i) $5 300 000 000, and
(ii) the average of the following:
(A) the forecast non-renewable resource revenue
for the previous fiscal year, and
(B) the actual non-renewable resource revenue
for each of the 2 fiscal years preceding the fiscal year referred to in
paragraph (A);
(l) “program
expense” means expense less consolidated debt servicing costs;
(m) “Provincial
agency” has the meaning given to it by section 1(1)(p) of the Financial Administration Act but does
not include the Provincial agencies referred to in section 2(5) of that Act or
The Workers’ Compensation Board under the Workers’
Compensation Act;
(n) “quarterly
budget update” means a report made under section 9(1)(a), (b) or (c) of the Government Accountability Act;
(o) “revenue”
means revenue of the Crown from all sources;
(p) “revenue
for fiscal policy purposes” means estimated revenue excluding estimated non‑renewable
resource revenue but including non‑renewable resource revenue for fiscal
policy purposes.
RSA 2000 cF‑15
s1;2003 c2 s2;2003 c12 s27;
2004 c8 s2;2005 c12 s2;2005 c37 s7;2006 c16 s2;
2008 c5 s2
Deficits and operating
debt disallowed
2(1) Actual
expense for a fiscal year must not be more than actual revenue for that year.
(2) For
the purposes of subsection (1),
(a) actual
expense does not include
(i) any amounts paid or payable for the cost of a public emergency or
disaster declared by the Lieutenant Governor in Council,
(ii) any amounts paid or payable under the Natural Gas Price
Protection Act from amounts allocated from the Alberta Sustainability Fund
under section 2.1(2)(f),
(iii) expenses paid or payable from amounts allocated from the Capital
Account under section 2.2(2)(c), or
(iv) any amounts paid or payable for the cost of a settlement with a
First Nation from amounts allocated from the Alberta Sustainability Fund under
section 2.1(2)(g),
(v) repealed 2008 c5 s3,
and
(b) actual
revenue includes any amounts allocated from the Alberta Sustainability Fund
under section 2.1(2)(c) and (d), but does not include any amounts allocated to
the Alberta Sustainability Fund under section 2.1(2)(a).
RSA 2000 cF‑15
s2;2003 c2 s2;2004 c8 s3;
2005 c12 s3;2005 c37 s8;2008 c5 s3
Alberta Sustainability
Fund
2.1(1) The
Alberta Sustainability Fund is established as an account within the General
Revenue Fund.
(2) Within the General Revenue Fund
amounts may be allocated to and from the Alberta Sustainability Fund as
follows:
(a) if
for a fiscal year actual non-renewable resource revenue exceeds non‑renewable
resource revenue for fiscal policy purposes, the difference must be allocated
to the Alberta Sustainability Fund;
(b) amounts
determined by the Treasury Board may be allocated to the Alberta Sustainability
Fund;
(c) subject
to subsection (3), if for a fiscal year actual non-renewable resource
revenue is less than non-renewable resource revenue for fiscal policy purposes,
the difference may be allocated from the Alberta Sustainability Fund;
(d) subject
to subsection (3), if for a fiscal year
(i) actual non‑renewable resource revenue exceeds non‑renewable
resource revenue for fiscal policy purposes, and
(ii) actual revenue excluding actual non-renewable resource revenue
and any increase in revenue that funds an expense referred to in section
4(2)(b) is less than revenue for fiscal policy purposes excluding non-renewable
resource revenue for fiscal policy purposes,
the difference referred to
in subclause (ii), not exceeding the difference referred to in subclause (i),
may be allocated from the Alberta Sustainability Fund;
(e) subject
to subsection (3), amounts paid or payable for the cost of a public emergency
or disaster declared by the Lieutenant Governor in Council may be allocated from
the Alberta Sustainability Fund;
(f) subject
to subsection (3), amounts paid or payable under the Natural Gas Price
Protection Act may be allocated from the Alberta Sustainability Fund;
(g) subject
to subsection (3), amounts paid or payable for the cost of a settlement with a
First Nation may, with approval of the Lieutenant Governor in Council, be
allocated from the Alberta Sustainability Fund.
(h) repealed
2008 c5 s4.
(2.1) Allocations
under subsection (2)(a) and (b) may be adjusted due to the timing of when cash
is received, changes in the net financial assets of Provincial agencies and
regulated funds, capital cash requirements and other cash requirements as
identified by the Treasury Board.
(3) The net assets of the Alberta
Sustainability Fund may not be reduced to an amount less than zero.
(4) Subject to section 2, if the net
assets of the Alberta Sustainability Fund exceed $2 500 000 000,
the excess or any portion of it may be allocated by the Treasury Board from the
Alberta Sustainability Fund.
2003 c2 s2;2004 c8
s4;2005 c12 s4;2005 c37 s9;
2008 c5 s4
Capital Account
2.2(1) The
Capital Account is established as an account within the General Revenue Fund.
(2) Within the General Revenue Fund
amounts may be allocated to and from the Capital Account as follows:
(a) repealed
2005 c12 s5;
(b) an
amount determined by the Treasury Board from amounts allocated from the Alberta
Sustainability Fund under section 2.1(4) may be allocated to the Capital
Account;
(c) subject
to subsection (3), amounts for capital spending whether directly by the Crown
or through grants may be allocated from the Capital Account.
(3) The net assets of the Capital
Account may not be reduced to an amount less than zero.
2003 c2 s2;2005 c12 s5
Contingency allowance
3 The consolidated fiscal plan must include
a contingency allowance for each fiscal year set out in the plan equal to at
least 1% of revenue for fiscal policy purposes.
RSA 2000 cF‑15
s3;2003 c2 s2;2005 c12 s6
Changes from the budget
4(1) Subject
to section 2, in a quarterly budget update, an amount that is not more than the
amount of the contingency allowance for the fiscal year pursuant to section 3,
less any commitments made in previous quarterly budget updates for that fiscal
year, may be committed for program expense initiatives or revenue reduction
initiatives that were not included in the consolidated fiscal plan for that
year.
(2) The following are not commitments
for the purposes of subsection (1):
(a) an
increase in program expense during a fiscal year that is required because of a
public emergency or disaster declared by the Lieutenant Governor in Council;
(b) an
increase in the amount authorized to be spent under a supply vote under section
24(2) of the Financial Administration Act and an increase in any other
expense that is offset by additional revenue received for the specific purpose
of that expense;
(c) an
increase in amounts paid or payable for the fiscal year under the Natural
Gas Price Protection Act from amounts allocated from the Alberta Sustainability
Fund under section 2.1(2)(f);
(d) an
increase in expenses paid or payable from amounts allocated from the Capital
Account under section 2.2(2)(c);
(e) commitments
made for the fiscal year for the cost of a settlement with a First Nation.
(f) repealed 2008 c5 s5.
RSA 2000 cF‑15
s4;2003 c2 s2;2005 c12 s7;
2005 c37 s10;2008 c5 s5
5 Repealed 2005 c12 s8.
Debt
Retirement Account
5.1(1) The
Debt Retirement Account is established as an account within the General Revenue
Fund to repay the accumulated debt.
(2) The
financial assets in the Debt Retirement Account at the end of a fiscal year
must be equal to or greater than the amount of the accumulated debt as reported
in the consolidated annual report for the particular fiscal year.
2005 c12 s9
Special warrants
6(1) Notwithstanding the Financial Administration Act but subject to subsection (2), if
authorizing an expenditure by special warrant will increase expenditure for a
fiscal year, the Lieutenant Governor in Council may not order a special warrant
to be prepared authorizing the expenditure.
(2) The
Lieutenant Governor in Council may order a special warrant to be prepared under
any other Act authorizing an expenditure
(a) if
the Legislative Assembly is dissolved and is not yet convened after a general
election, or
(b) at any time if, in the opinion of the
Lieutenant Governor in Council, the money is urgently required because of a
public emergency or disaster.
1999 cF‑11.5 s6
Audit Committee
7 The Audit Committee established under
section 22 of the Auditor General Act
(a) must
report publicly to the Executive Council on the progress made in eliminating
the accumulated debt at least once every fiscal year until the accumulated debt
is eliminated, and
(b) may inquire into any matter relating to the
financial affairs of the Crown in accordance with a request of the Minister of
Finance.
RSA 2000 cF‑15
s7;2006 c23 s32
Application
8 This Act applies to 2005‑06 and
subsequent fiscal years.
RSA 2000 cF‑15
s8;2003 c2 s2;2005 c12 s10
Repeal
9 Sections 1(b), 4, 5 and 10 of
and the Schedule to the Balanced Budget
and Debt Retirement Act, SA 1995 cB-0.5, are repealed.
RSA 2000 cF‑15
s9;2003 c2 s2
