June 24, 2014 12:50 pm

Alberta heritage fund earned $2.1B in 2013-14

The Alberta Legislature, in Edmonton, Alberta.

Emily Mertz, Global News

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…

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