EDMONTON – The Alberta government says its nest egg earned $2.1 billion in the last fiscal year — a 16 per cent rate of return.
The value of the Heritage Savings Trust Fund now sits at $17.5 billion.
Most of the money earned is being moved into general revenue to pay for government programs.
Just under $200 million is being kept in the fund, as required by law, to protect against inflation.
The heritage fund was set up under former premier Peter Lougheed as a long-term savings account generated by Alberta’s oil wealth.
Initially, the government deposited 30 per cent of non-renewable resource revenues into the fund.
Those deposits stopped during hard times in the 1980s, but began again in 2005.
More to come…