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The purpose of this enactment is to improve the conduct of fiscal
policy by specifying principles of responsible fiscal management and
by strengthening the reporting requirements of the Crown and, in
particular
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(a) by requiring the Minister of Finance to report regularly to the
House of Commons on the extent to which the Government's fiscal
policy is consistent with the specified principles of responsible fiscal
management and to justify in his or her report any departures made
by the Government from those principles;
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(b) by requiring all the Crown's financial reporting to be in
accordance with generally accepted accounting practices; and
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(c) by requiring the Minister of Finance
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(i) to publish, at least 3 months before the start of each fiscal year,
a budget policy statement containing the Government's
long-term objectives for fiscal policy, its broad strategic priorities
for the budget for that fiscal year, and its fiscal intentions for that
and the next two fiscal years,
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(ii) to lay before the House of Commons, on the day on which the
first appropriation bill relating to a fiscal year is introduced, a
fiscal strategy report assessing the consistency of the budget with
the budget policy statement and providing progress outlooks for
the next ten years, and an economic and fiscal update prepared by
Treasury Board for the next three years,
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(iii) to publish, in December of each fiscal year, an economic and
fiscal update prepared by Treasury Board for the next three years,
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(iv) to publish, before each general election, an economic and
fiscal update prepared by Treasury Board for the next three years,
and
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(v) to lay before the House of Commons, towards the end of each
fiscal year, a fiscal update prepared by Treasury Board for that
year, including forecast estimated actual financial statements for
the Crown.
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