BILL NO. 240
(as introduced)
2nd Session, 60th General Assembly
Nova Scotia
58 Elizabeth II, 2009
Offshore Offset Revenues Expenditure Act
The Honourable Jamie Muir
Minister of Finance
First Reading: April 30, 2009
Second Reading:
Third Reading:
Explanatory Note
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.
An Act to Permit the Expenditure
of Surpluses Generated
by Offshore Offset Revenues
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.
2 Clauses 76A(1)(d), (e) and (f) and subsection 76A(2) of Chapter 365 of the Revised Statutes, 1989, the Provincial Finance Act, are repealed.
3 This Act has effect on and after March 1, 2009.
This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 2009 Crown in right of Nova Scotia. Created April 30, 2009. Send comments to legc.office@novascotia.ca.