BILL NO. 240
2nd Session, 60th General Assembly
58 Elizabeth II, 2009
Offshore Offset Revenues Expenditure Act
The Honourable Jamie Muir
Minister of Finance
First Reading: April 30, 2009
This Bill amends the Provincial Finance Act to eliminate the requirement for offshore offset revenues to be applied to the Provincial debt for the 2008-09 and subsequent fiscal years.
AND WHEREAS this fiscal stability has been a key to realizing improved credit-worthiness from major bond-rating agencies year after year;
AND WHEREAS an eighth balanced budget during the current global economic uncertainty is key to continuing positive economic growth and refraining from additional borrowing to cover the alternative of a deficit;
AND WHEREAS amending legislation is necessary to move forward the 2009-10 budget, and the accompanying Building for Growth stimulus package, in order to create and maintain 20,000 jobs and to keep the economy moving;
AND WHEREAS the alternative to this is cuts to core government services and to the jobs of the people who administer those programs and services;
THEREFORE be it enacted by the Governor and Assembly as follows:
1 This Act may be cited as the Offshore Offset Revenues Expenditure Act.
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