Revolving Funds Act
Consolidated act- Citation
- R.S.N.W.T. 1988, c.R-7
- Source
- Unofficial consolidation PDF (justice.gov.nt.ca)
This is an unofficial reading copy parsed from the Department of Justice consolidation PDF above — itself an office consolidation, not an official statement of the law. The authoritative text is in the Revised Statutes of the Northwest Territories, 1988 and the annual Statutes volumes.
- s.1 amended by Financial Administration Act in force April 1, 2016 (SI-001-2016)
- s.2 amended by Liquor Act in force Oct. 31, 2008 (SI-008-2008)
- s.2.1 amended by An Act to Amend the Revolving Funds Act in force July 1, 2017 (SI-002-2017)
- s.2.2 amended by An Act to Amend the Revolving Funds Act, No. 2
- s.3 amended by An Act to Amend the Revolving Funds Act
- s.4 amended by RSNWT 1988, c.90(Supp.),s.1
- s.4 amended by An Act to Amend the Financial Administration Act in force Aug. 1, 2008 (SI-005-2008)
- s.4 amended by Financial Administration Act in force April 1, 2016 (SI-001-2016)
- s.5.1 amended by SNWT 2000,c.16, s.16
- s.6 amended by RSNWT 1988,c.60(Supp.),s.1
- s.6 amended by Liquor Act in force Oct. 31, 2008 (SI-008-2008)
- s.6 amended by An Act to Amend the Revolving Funds Act
- s.8 amended by SNWT 1998,c.5,s.30(4)
INTERPRETATION
Definitions
1.In this Act,
"assets" includes money, accounts receivable and inventories; (actif)
"authorized limit" means the maximum amount by which the assets exceed the liabilities in a revolving fund; (maximum autorisé)
"Petroleum Products Stabilization Fund" means a special account established pursuant to subsection 7(1); (Fonds de stabilisation des produits pétroliers)
"revolving fund" means a revolving fund as defined in the Financial Administration Act. (fonds renouvelable) SNWT 2015,c.13,s.173(2).
REVOLVING FUNDS
Application
2.(1) This section applies to a revolving fund established under this Act and the Liquor Revolving Fund continued by the Liquor Act.
(2) The assets in a revolving fund must be used only for the purpose for which the revolving fund is established.
(3) The authorized limit of a revolving fund set out in this Act must not be exceeded.
(4) A working capital advance may be made from the Consolidated Revenue Fund to a revolving fund where
(a) the assets of the revolving fund are less than the authorized limit; and
(b) the working capital advance does not cause the authorized limit to be exceeded.
Yellowknife Airport Revolving Fund
2.1.(1) There shall be established a revolving fund to be known as the Yellowknife Airport Revolving Fund for the purpose of meeting the capital, operating and maintenance requirements of the Yellowknife Airport.
(2) The authorized limit of the Yellowknife Airport Revolving Fund is $36,000,000. SNWT 2017,c.3.s.2.
Marine Transportation Services Revolving Fund
2.2.(1) There shall be established a revolving fund to be known as the Marine Transportation Services Revolving Fund for the purpose of meeting the capital, operating and maintenance requirements of providing marine transportation services for the movement of cargo on Great Slave Lake, the Mackenzie River, and throughout the Arctic coastal region.
(2) The authorized limit of the Marine Transportation Services Revolving Fund is $35,000,000. SNWT 2017,c.11,s.2.
Fur Marketing Service Revolving Fund
3.(1) There shall be established a revolving fund to be known as the Fur Marketing Service Revolving Fund to provide trappers with advances of money, without charging interest, for fur sent by trappers to auction houses.
(2) The authorized limit of the Fur Marketing Service Revolving Fund is $1,500,000. SNWT 2013,c.26,s.2.
Petroleum Products Revolving Fund
4.(1) There shall be established a revolving fund to be known as the Petroleum Products Revolving Fund for the purposes of purchasing, selling and distributing petroleum products and financially settling agreements and transactions referred to in section 68 of the Financial Administration Act.
(2) The authorized limit of the Petroleum Products Revolving Fund is $55,000,000. RSNWT 1988, c.90(Supp.),s.1; SNWT 2006,c.3,s.5; SNWT 2015,c.13,s.173(3).
Public Stores Revolving Fund
5.(1) There shall be established a revolving fund to be known as the Public Stores Revolving Fund for the purpose of purchasing, selling and distributing materials and supplies.
(2) The authorized limit of the Public Stores Revolving Fund is $1,175,000.
RSNWT 1988, c.91(Supp.),s.2; SNWT 1998, c.5,s.30(2),(3); Repealed, SNWT 2000,c.16, s.16.
Liquor Revolving Fund
6.The authorized limit of the Liquor Revolving Fund continued by the Liquor Act is $12,000,000. RSNWT 1988,c.60(Supp.),s.1; SNWT 2007,c.15, s.142(3); SNWT 2018,c.8,s.2.
PETROLEUM PRODUCTS
STABILIZATION FUND
Establishment
7.(1) There shall be established a special account in the Consolidated Revenue Fund called the Petroleum Products Stabilization Fund to which the profits of the Petroleum Products Revolving Fund shall be credited and the losses shall be charged.
(2) The purpose of the Petroleum Products Stabilization Fund is to stabilize the prices of petroleum products that are purchased, sold and distributed by the Government of the Northwest Territories.
Profits or losses
8.(1) Notwithstanding section 104 of the Financial Administration Act, where at the end of a fiscal year the Petroleum Products Revolving Fund makes a profit or incurs a loss, the profit shall be credited or the loss shall be charged to the Petroleum Products Stabilization Fund.
(2) The amount of debit or credit balance in the Petroleum Products Stabilization Fund shall not exceed $3,000,000 at the end of any fiscal year.
(3) Where a deficit balance in the Petroleum Products Stabilization Fund exceeds $3,000,000 at the end of a fiscal year, the excess of the deficit balance shall be charged to an appropriation.
(4) Where a surplus balance in the Petroleum Products Stabilization Fund exceeds $3,000,000 at the end of a fiscal year, the excess of the surplus balance shall be credited into the Consolidated Revenue Fund. SNWT 2005,c.17,s.2; SNWT 2015,c.13,s.173(4); SNWT 2021,c.18,s.2.
Schedule A - Repealed, SNWT 1998,c.5,s.30(4).