By rdnewsNOW Staff

Bill 2

Province says budget bill supports fiscal responsibility

Mar 9, 2022 | 4:37 PM

Officials with the Alberta government say Bill 2, the Financial Statutes Amendment Act, 2022, would implement many of the technical measures introduced in Budget 2022.

The bill is said to propose several measures that aim to strengthen financial accountability in government operations by making better use of public funds, improving cost certainty and eliminating financial risks. If passed, the measures would be expected to ensure efficient use of taxpayer dollars and help protect valuable public services today and well into the future.

“Budget 2022 demonstrates that a stable, prosperous future for our province is within reach. That’s why fiscal discipline remains the cornerstone of our fiscal plan. Measures presented in Bill 2 will further integrate financial responsibility across government operations, leading to better outcomes for Albertans and a stronger financial position for Alberta,” said Travis Toews, President of Treasury Board and Minister of Finance, on Tuesday.

Highlights of Bill 2 include:

• Implementing a new cash pooling structure to improve cash management across government. The new structure would be expected to make better use of surplus cash and help reduce the need to borrow. This also is said to respond to the auditor general recommendation to examine the government’s current cash management practices.
• Updates to Alberta’s tax statutes to ensure they are up to date, aligned with other jurisdictions, and continue to support efficient collection of provincial taxes.
• Updates to the Alberta Health Care Insurance Act intended to strengthen the provision of health benefits and give the government flexibility to make decisions in an ever-changing health environment.
• Updates to Alberta’s tax statues are expected to require online marketplaces, such as Airbnb or Vrbo, to remit the provincial tourism levy on behalf of Alberta’s short-term rental hosts to ensure the levy is applied fairly and consistently across all temporary accommodations.
• Updates to the Emissions Management and Climate Resilience Act to reduce red tape and remove an obsolete power for extending loan guarantees.
• Amendments to the Public Transit and Green Infrastructure Project Act to help the province deliver on its financial commitments for the light rail transit construction projects in Calgary and Edmonton.

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Full details of legislative amendments contained within Bill 2 are available online.

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