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E-12.00002 - Balanced Budget Act
Section 8
Disposition versions
8. The Minister may replace a plan to return to a balanced budget if any of the requirements set out in the second paragraph of section 7 cannot be complied with as a result of
(1) the occurrence of any of the circumstances referred to in section 5 to the extent that it did not give rise to the initial plan; or
(2) a weaker than anticipated economic recovery at the end of an economic downturn or a recession.
In such a case, the Minister must, at the time the Minister considers appropriate, report to the National Assembly on the circumstance that explains the non-compliance with the initial plan and, in the next Budget Speech, present a new plan of not more than five years containing a revised framework for a return to a balanced budget. However, if the report on the circumstance that explains the non-compliance with the initial plan is made in a Budget Speech, the new plan must be presented at that time.
The new plan must present decreasing deficits and anticipate, for the fiscal year preceding the return to a balanced budget, a deficit of 25% or less of the last recognized budget deficit.
