This release was issued under a previous government.

The Alberta government is simplifying its savings plan by eliminating a special purpose fund and two endowment accounts that were established in spring 2014. The changes will help preserve Alberta’s long-term savings and ensure any spending is fully transparent and reflects the priorities of taxpayers.  

Bill 11, the Savings Management Repeal Act, eliminates the Alberta Future Fund, the Social Innovation Endowment account, and the Agriculture and Food Innovation Endowment account. The $2 billion in Heritage Fund savings that would have been allocated to the Alberta Future Fund will remain in the Heritage Fund.

“Our government is committed to being fiscally prudent and to make the tough decisions necessary in an environment of low oil prices. This includes ensuring that our savings are only used to meet Albertans’ highest priorities, and that our finances are easy to understand and fully transparent.”

Robin Campbell, President of Treasury Board and Minister of Finance

The $200-million transfer from the Heritage Fund to the Alberta Heritage Scholarship Fund that was earmarked for trades scholarships will remain in the Scholarship Fund, to be used for that purpose.

“Promoting a skilled labour force is a priority for government and our conclusion was a scholarship approach was still the best option. As for the other accounts being eliminated, the associated spending could be funded through the normal budgeting process and work done to date will still help seed innovative ideas going forward.”

Robin Campbell, President of Treasury Board and Minister of Finance

Bill 11 also includes some minor consequential amendments to related statutes.