Latest news with #HeritageFund
CBC
6 days ago
- Business
- CBC
Alberta's Heritage Fund hits $30B after $2.8B injection from surplus
Social Sharing Alberta's rainy-day Heritage Fund is getting an extra $2.8 billion, hitting a record high of $30 billion, which is almost double what it was five years ago. Alberta Premier Danielle Smith's government wants it to hit $250 billion by 2050, so future governments can spend investment returns without draining the fund. Smith says it's still on track to hit that benchmark in 25 years. The aim is to shield Alberta's budget from the resource-revenue roller-coaster that has plagued past budgets. The latest investment comes from a cash surplus of more than $5 billion that the province can spend out of an $8.3 billion bottom-line surplus from the last fiscal year. WATCH | Alberta's plan to grow the Heritage Fund over the next 25 years: How does Alberta plan to grow its rainy day savings fund to $250 billion? 17 minutes ago Alberta's finance minister says $2.8 million from the province's surplus is going into the Heritage Savings Trust Fund to help meet its 2050 savings goal. What needs to happen to save $250 billion in 25 years? Finance Minister Nate Horner says, because past governments raided the piggy bank, the province missed out on hundreds of billions of dollars in returns. "We know from the past that the fund cannot be beneficial if we do not have a strong framework to retain income in the fund and contribute when we can," he said Friday.
CTV News
6 days ago
- Business
- CTV News
Alberta's rainy day fund hits $30B
Alberta Premier Danielle Smith (left) is seen with Finance Minister Nate Horner (center) and Heritage Fund Opportunities Corporation chair Joe Lougheed (right) on July 18, 2025. (CTV News Edmonton/Galen McDougall) 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.
Yahoo
6 days ago
- Business
- Yahoo
Alberta rainy day Heritage Fund hits $30B after injection of $2.8B from surplus
EDMONTON — Alberta's rainy-day Heritage Fund is getting an extra $2.8 billion, hitting a record high of $30 billion, which is almost double what it was five years ago. Alberta Premier Danielle Smith's government wants it to hit $250 billion by 2050 so future governments can spend investment returns without draining the fund. Smith says it's still on track to hit that benchmark in 25 years. The aim is to shield Alberta's budget from the resource revenue roller coaster that has plagued past budgets. The latest investment comes from a cash surplus of more than $5 billion that the province can spend out of an $8.3 billion bottom line surplus from the last fiscal year. Horner says because past governments raided the piggy bank, the province missed out on hundreds of billions of dollars in returns. "We know from the past that the fund cannot be beneficial if we do not have a strong framework to retain income in the fund and contribute when we can," he said Friday. This report by The Canadian Press was first published July 18, 2025. Lisa Johnson, The Canadian Press
The National
6 days ago
- General
- The National
£140k restoration of historic mill uncovers lost features
The Heritage Fund has announced £144,497 for the restoration of Balmacara Old Mill Hall in Lochalsh. Built to support new industrial approaches to agriculture in the early 1800s and given to the community and used as a gathering space for four decades after WW2, the hall fell into a derelict state. The hall is the only unrestored building in the historic setting of Balmacara Square. READ MORE: Unconvinced campaigners respond to John Swinney's 'new' independence push The Old Mill Hall started life as a watermill and features of that historic role will be reflected in the restoration. Work to date features: The wheel pit and mill lade. The internal fly wheel pit, hidden beneath a raised ground floor. Evidence about the original front façade which was changed in the 1940's. With the trust's grant, Balmacara Community Trust has now secured more than £ 1million for the project. Caroline Clark, the National Lottery Heritage Fund director for Scotland said: 'Balmacara Old Mill Hall has stood witness to changing ways of life over two centuries. Throughout most of that time it was a hub of community activity, first through industry then from 1946 as a shared gathering space. 'Sadly, mounting repairs forced its closure in the 1980s and we are delighted that thanks to National Lottery players we can support this project led by local people to restore the Old Mill Hall and see it back at the heart of life in their community.' Mike Shucksmith, chair of Balmacara Community Trust, said: 'We are delighted to secure The National Lottery Heritage Fund's support for the restoration. We are grateful to National Lottery players who made it possible and to all of our funders who have helped us reach this stage in the project and who continue to support us.' After falling out of use as a watermill the hall was used for storage, education and then a community gathering space over the years. The hall was betrothed in trust to the community in 1945/6 by Lady Hamilton Balmacara Community Trust acquired the title for the Hall, on behalf of the community, in February 2022.
CTV News
27-06-2025
- Business
- CTV News
Final budget numbers land: Alberta posts $8.3-billion surplus in 2024-25 fiscal year
The final numbers are in on last years' Alberta budget, and the bottom-line figure is an $8.3-billion surplus. That's $2.5 billion more than officials had expected to get. Finance Minister Nate Horner says the jump is because of more tax revenue from a growing population coupled with oil royalties that were higher than expected. Horner says just over $5 billion of the surplus is cash the province can spend, and the government will split it between its rainy-day Heritage Fund, paying down debt and savings. However, the good times are not expected to last. Horner's current budget for the fiscal year that began in April is expected to end next spring with a $5.2-billion deficit, with more multibillion-dollar deficits in the years after that. The province says the red ink is expected because of volatile oil prices, tax cuts and global events like the trade tariffs imposed by the United States. This report by The Canadian Press was first published June 27, 2025.
