- Joined
- Jun 30, 2024
- Messages
- 39
- Thread Author
- #1
Author: Lysander Lyon, MP
Sponsor: N/A
Type: Act of Parliament
Preamble: The government’s recent insolvency scare is on the mend, but one way to better ensure the people of the Azalea Isles do not need to worry about such an incident again is to establish a “rainy day fund” for the government.
1. Short Title
(a) This bill shall be referred to as the "Rainy Day Act".
(b) This bill was authored by Lysander Lyon.
2. End of Month Financial Reports
(a) The Ministry of Economic Affairs is responsible for producing an End-of-Month Financial Report, within five days of the end of each month, to Parliament.
(b) Each Ministry is responsible for notifying the MEA of any major programs, of $15,000 or more, that were undertaken using their budget.
(i) For example, a MUD project that used $19,000 of their $40,000 budget would be a major program.
(c) The EOM Financial Report will list the month’s budget for each Ministry, and any other entities such as the National Guard, Bank of Azalea, National Security Committee, or other entities, and will include any major programs under the relevant Ministry’s entry.
(d) The EOM Financial Report will also summarize the revenue taken in by the government for the month, with any major programs (under the same definition as before) listed.
(i) Taxes can be summarized collectively as “Taxes,” rather than needing to break them out by tax, if the data does not allow for that.
(ii) Recognizing data limitations, if the Ministry of Economic Affairs is unable to fully break out the revenue because of said limitations, that shall be excused.
(e) The report will include an additional section that totals the net revenue taken in by the government, either as a positive surplus, indicating revenue was above expenses, or as a negative deficit, indicating expenses were above revenues.
(f) The EOM Financial Report shall also include the government balance less any funds allocated to the Azalean Economic Security Fund (AESF) or other entities that should not actually be counted in the government balance.
(g) The EOM Financial Report may include any special notes from the Minister of the MEA or the Prime Minister if there are special circumstances or information not reported elsewhere in the document.
(h) The Prime Minister and the Minister of Economic Affairs are both responsible for signing the EOM Financial Report each month, asserting its validity.
(i) The format for the report should have revenues listed first, then expenses, then the net revenue, then the accurate government balance, then any special circumstances, and then the signature.
3. The Azalean Economic Security Fund
(a) At the end of each month, after the EOM Financial Report summarizes the net revenue of the Azalea Isles Government, if the government was in surplus (revenue above expenses), part of that surplus will be set aside into the Azalean Economic Security Fund.
(b) No less than 15% of the surplus, but no more than 25% of the surplus, will be allocated to the AESF.
(i) The Minister of Economic Affairs will be responsible for choosing the percentage in the 15%-25% range.
(c) The funds in the AESF cannot be used by the government in the course of normal operations. Only should the government balance, calculated without the AESF funds being included, fall below $100,000, can money be taken from the AESF to fund government programs and operations.
(d) Should a supermajority of Parliament approve a withdrawal for a specific allocation or reason, money may be taken from the AESF.
Enactment: This Act comes into force immediately upon passage.
Sponsor: N/A
Type: Act of Parliament
A
BILL
TO
Create a Rainy Day Fund
BILL
TO
Create a Rainy Day Fund
Preamble: The government’s recent insolvency scare is on the mend, but one way to better ensure the people of the Azalea Isles do not need to worry about such an incident again is to establish a “rainy day fund” for the government.
1. Short Title
(a) This bill shall be referred to as the "Rainy Day Act".
(b) This bill was authored by Lysander Lyon.
2. End of Month Financial Reports
(a) The Ministry of Economic Affairs is responsible for producing an End-of-Month Financial Report, within five days of the end of each month, to Parliament.
(b) Each Ministry is responsible for notifying the MEA of any major programs, of $15,000 or more, that were undertaken using their budget.
(i) For example, a MUD project that used $19,000 of their $40,000 budget would be a major program.
(c) The EOM Financial Report will list the month’s budget for each Ministry, and any other entities such as the National Guard, Bank of Azalea, National Security Committee, or other entities, and will include any major programs under the relevant Ministry’s entry.
(d) The EOM Financial Report will also summarize the revenue taken in by the government for the month, with any major programs (under the same definition as before) listed.
(i) Taxes can be summarized collectively as “Taxes,” rather than needing to break them out by tax, if the data does not allow for that.
(ii) Recognizing data limitations, if the Ministry of Economic Affairs is unable to fully break out the revenue because of said limitations, that shall be excused.
(e) The report will include an additional section that totals the net revenue taken in by the government, either as a positive surplus, indicating revenue was above expenses, or as a negative deficit, indicating expenses were above revenues.
(f) The EOM Financial Report shall also include the government balance less any funds allocated to the Azalean Economic Security Fund (AESF) or other entities that should not actually be counted in the government balance.
(g) The EOM Financial Report may include any special notes from the Minister of the MEA or the Prime Minister if there are special circumstances or information not reported elsewhere in the document.
(h) The Prime Minister and the Minister of Economic Affairs are both responsible for signing the EOM Financial Report each month, asserting its validity.
(i) The format for the report should have revenues listed first, then expenses, then the net revenue, then the accurate government balance, then any special circumstances, and then the signature.
3. The Azalean Economic Security Fund
(a) At the end of each month, after the EOM Financial Report summarizes the net revenue of the Azalea Isles Government, if the government was in surplus (revenue above expenses), part of that surplus will be set aside into the Azalean Economic Security Fund.
(b) No less than 15% of the surplus, but no more than 25% of the surplus, will be allocated to the AESF.
(i) The Minister of Economic Affairs will be responsible for choosing the percentage in the 15%-25% range.
(c) The funds in the AESF cannot be used by the government in the course of normal operations. Only should the government balance, calculated without the AESF funds being included, fall below $100,000, can money be taken from the AESF to fund government programs and operations.
(d) Should a supermajority of Parliament approve a withdrawal for a specific allocation or reason, money may be taken from the AESF.
Enactment: This Act comes into force immediately upon passage.