As your MLA, I am often asked about the government’s investment strategy for the Alberta Heritage Savings Trust Fund (Heritage Fund).
Today, I am proud to share with you how our government is diligently working to ensure a prosperous future for all Albertans through strategic investments and responsible financial management.
Our government is committed to getting the job done for Albertans by saving for future generations, paying down the debt, and balancing the budget.
Central to this effort is the Heritage Fund, our province’s long-term savings account, which we are dedicated to growing for the benefit of all Albertans.
The Heritage Fund was established in 1976 to collect a portion of Alberta’s non-renewable resource revenue, with the foresight of benefiting future generations.
While allocations to the fund were reduced in the 1980s, recent amendments to the Alberta Heritage Savings Trust Fund Act included in the Financial Statutes Amendment Act have made it easier to grow the Heritage Fund.
These amendments allow investment income generated by the fund to be retained within the fund, creating a solid foundation for its growth.
As of March 31, 2024, the Heritage Fund’s asset value stood at $22.9 billion, marking a significant year-over-year increase of $1.7 billion from March 31, 2023.
This growth trajectory is forecasted to continue, with the fund’s value expected to reach $25 billion after this year — the largest amount in the Heritage Fund’s history.
Over the last two fiscal years alone, we have seen an impressive increase of over $6.3 billion in the fund’s value.
Our government’s commitment to growing the Heritage Fund is unwavering.
We intend to retain $1 billion in investment earnings within the fund and deposit an additional $2 billion from the Alberta Fund.
These strategic decisions are aimed at maximizing returns for Albertans and ensuring the fund’s growth benefits future generations.
Looking ahead, we are excited to announce that later this year, we will be releasing our plan to grow the Heritage Fund to between $250 billion and $400 billion by 2050.
This ambitious goal underscores our dedication to creating a prosperous future for all Albertans.
Our investment decisions are guided by the principle of achieving the highest returns for Albertans, while also fostering long-term prosperity for future generations.
The Heritage Fund is more than just a savings account — it is a testament to Alberta’s commitment to fiscal responsibility and prudent financial planning. By growing this fund, we are ensuring that future generations will have the resources they need to thrive, while also addressing our current fiscal challenges.
Our government is taking bold and decisive steps to secure a bright future for all Albertans.
Through strategic investments in the Heritage Fund, we are building a legacy of prosperity that will benefit generations to come.
As your MLA, I am proud to support these efforts and keep you informed about the positive impact of our investment strategy. Thank you for your continued trust and support.
-MLA Jackie Lovely can be reached at her constituency office located at #104, 4870 51 St., in Camrose, by telephone at 780-672-0000, or by email at camrose@assembly.ab.ca.
