BILL NO. 240

(as introduced)

2nd Session, 60th General Assembly
Nova Scotia
58 Elizabeth II, 2009

Government Bill

Offshore Offset Revenues Expenditure Act

The Honourable Jamie Muir
Minister of Finance

First Reading: April 30, 2009

(Explanatory Note)

Second Reading:

Third Reading:

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.

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(e) and (f) and subsection 76A(2) of Chapter 365 of the Revised Statutes, 1989, the Provincial Finance Act, are repealed.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.