Alberta's rainy day fund hits $30B
Alberta's savings trust fund saw a $2.8 million boost, hitting a record of $30 billion.
'It's difficult for some to believe that this is important,' said Premier Danielle Smith at the announcement in Edmonton Friday. 'Some would say that the revenue we have today should all go to fund the needs of today.'
'But, the Heritage Fund is perhaps the most important, best investment that we can make today.'
The Heritage Fund was established in 1976 by then-premier Peter Lougheed to save for the future and strengthen and diversify the Alberta economy. The province has continued to reinvest a portion of its resource revenues for nearly 50 years.
In January, Smith set a goal to bring the fund up to $250 billion by 2050, after which, the province would be able to withdraw some of the income of the funds each year while still allowing the fund to grow. Withdrawals could help cover fluctuations in resource revenue, invest in infrastructure and keep taxes low, according to the province.
Smith said the province intends to double its oil and gas production and get new capacity for pipelines to export additional production, helping the province reach its 2050 goal.
'We are turning today's energy prosperity into tomorrow's economic security,' said Finance Minister Nate Horner, adding that the fund has grown 80 per cent in the last five years.
At the beginning of the year, Smith appointed the Heritage Fund Opportunities Corporation, chaired by Joe Lougheed, to direct policy for the rainy day fund. The majority of the fund is still managed by the Alberta Investment Management Corp., also known as AIMCo, which is chaired by former Prime Minister Stephen Harper.
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