Alberta Heritage Savings Trust Fund earned $2.1B in 2013-14; sits at $17.5B
EDMONTON - The Alberta government says its nest egg earned $2.1 billion in the last fiscal year â€” 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.
Read more Business News
- Parachutist hits houseVernon / N. Okanagan - 6:47 pm
- Boonstock liquor decision finalPenticton / S. Okanagan - 7:00 pm
- Disaster relief from stormKamloops - 6:34 pm
- Movie set burned in firePenticton / S. Okanagan - 6:30 pm
|QHR Technologies Inc||1.15||0.00|
|Anavex Life Sciences||0.265||-0.01|
|Copper Mountain Mining||2.97||+0.15|
|Sunrise Resources Ltd||0.02||-0.03|
|Mission Ready Services||0.19||+0.01|
Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...
The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...
Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...