September 26, 2002 Government moves ahead with new fiscal framework New fiscal plan prepares Alberta for the future Edmonton … Following an announcement made on September 12, 2002, Finance Minister Patricia Nelson released an official government response to the recommendations contained in the Financial Management Commission's report, Moving from Good to Great. "This is a time of transition for the province," said Nelson. "We are fortunate to benefit from an abundance of natural resources, but as the Commission pointed out, we can't rely on resource revenue forever. This new fiscal framework, which provides predictability, sustainability and discipline, will prepare Alberta now for the challenges that lie ahead." Government accepted 22 of the 25 recommendations contained in the report. Key to the recommendations is the establishment of a separate sustainability fund that would be used to stabilize volatile resource revenue. The government has not accepted a recommendation to pay for deferred capital projects out of the Heritage Savings Trust Fund (recommendation six) and two recommendations involving public sector bargaining (recommendations 18 and 19). "Some of the recommendations are complex and will require a longer implementation time frame," said Nelson. " It is our intent to have detailed responses and legislation for most of the recommendations ready for the 2003-2004 fiscal year. Rest assured that this government remains committed to debt elimination, prudent fiscal management and balanced budgets as key priorities of this new fiscal framework," Nelson said. Attachment: Response to the Financial Management Commission (pdf, 125k). - 30 -
For media enquiries, please contact:
|
