Capital Region Board Financial Matters Modification Regulation

Link to law: http://www.qp.alberta.ca/1266.cfm?page=2014_223.cfm&leg_type=Regs&isbncln=9780779783410&display=html

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AR 223/2014 CAPITAL REGION BOARD FINANCIAL MATTERS MODIFICATION REGULATION (no amdt)
ALBERTA REGULATION 223/2014
Municipal Government Act
CAPITAL REGION BOARD FINANCIAL MATTERS MODIFICATION REGULATION
Table of Contents
                1      Definitions
                2      Modifications to Division 3 of Part 15.1 of the Act
                3      Transitional
                4      Expiry
                5      Coming into force
Definitions
1   In this Regulation,
                               (a)    “Act” means the Municipal Government Act;
                              (b)    “Capital Region Board” means the Capital Region Board established under the Capital Region Board Regulation (AR 38/2012). Modifications to Division 3 of Part 15.1 of the Act
2   The following provisions of the Act, as they apply to the Capital Region Board, are modified as specified:
                               (a)    section 602.18 is to be read as if “the calendar year” were struck out and “April 1 to the following March 31” were substituted;
                              (b)    section 602.19 is to be read as if “calendar year” were struck out and “financial year” were substituted;
                               (c)    section 602.22 is to be read as if “calendar year” were struck out and “financial year” were substituted;
                              (d)    section 602.32(1) is to be read as if it were repealed and the following were substituted:
602.32(1)  If the Minister determines that the Capital Region Board provides a regional service comparable to a regional service commission, the Minister may require the Capital Region Board to prepare a financial information return respecting the financial affairs of the Capital Region Board for the immediately preceding financial year.
                               (e)    section 602.33 is to be read as if “calendar year” were struck out and “financial year” were substituted;
                               (f)    section 602.34 is to be read as if it were repealed and the following were substituted:
602.34(1)  The Capital Region Board must submit its audited annual financial statements to the Minister and each member of the Capital Region Board by August 1 of the year following the financial year for which the audited annual financial statements have been prepared.
(2)  If the Minister requires the Capital Region Board to prepare a financial information return, the Capital Region Board must submit its financial information return to the Minister and each member of the Capital Region Board by August 1 of the year following the financial year for which the financial information return has been prepared.
Transitional
3   Despite section 2,
                               (a)    the Capital Region Board is deemed to have a financial year from January 1, 2015 to March 31, 2015;
                              (b)    the Capital Region Board must
                                        (i)    adopt an operating budget for the financial year January 1, 2015 to March 31, 2015,
                                      (ii)    adopt a capital budget for the financial year January 1, 2015 to March 31, 2015,
                                     (iii)    prepare audited annual financial statements for the financial year January 1, 2015 to March 31, 2015, and
                                     (iv)    submit its audited annual financial statements for the financial year January 1, 2015 to March 31, 2015 to the Minister and each member of the Capital Region Board by August 1, 2015.
Expiry
4   For the purpose of ensuring that this Regulation is reviewed for ongoing relevancy and necessity, with the option that it may be repassed in its present or an amended form following a review, this Regulation expires on November 30, 2024.
Coming into force
5   This Regulation comes into force on January 1, 2015.