News Release - Alberta Revenue - Heritage Fund Looking Forward Survey Results

Heritage Fund survey results reflect Albertans' commitment to long-term savings

Edmonton … Results from the Looking Forward survey confirm Albertans want a strong, healthy Heritage Fund that is used primarily for savings (see survey results report). Sixty one per cent of Albertans feel the Fund should continue to operate primarily as an endowment fund, compared to 24 per cent who disagreed.

"It is clear that Albertans feel strongly about saving through the Heritage Fund and government will now look at methods to further strengthen the Fund," said Revenue Minister, Greg Melchin. "Now that government has heard from Albertans, it is my responsibility to present options that will ensure the Heritage Fund continues to benefit Albertans, just like it has over the last 26 years."

Alberta Revenue's business plan includes a goal to develop a renewed savings policy. These survey results, combined with recommendations from the Future Summit, will help government achieve that goal. Recommendations will be considered during the 2004 budget planning process.

There was more agreement (51 per cent) to use some of the Heritage Fund assets to help pay down the provincial debt as it comes due, than there was disagreement (38 per cent). "The Alberta government currently has sufficient funds set aside to make debt payments as they come due for about the next two years. While we explore this option further, there is no urgency to make a decision today on using the Fund to pay down the provincial debt," added Melchin.

Albertans were more closely divided over dedicating a portion of the Heritage Fund to form the basis of the government's new sustainability fund, with more support at 46 per cent than disagreement at 39 per cent. Conversely, only 37 per cent want to see the Fund used for capital projects - compared to 46 per cent against. Albertans do, however, place an importance on saving. As reflected in the opinions coming out of the survey, the recently announced capital account and sustainability fund will proceed without combining them into the Heritage Fund.

More than 77,000 Albertans completed the survey, with 12,000 responding via the Internet. The results are statistically valid with a confidence level of 99.7 per cent, and a precision level of plus or minus one per cent. Full survey results are available online. The Heritage Fund is worth $11.6 billion. Over its 26-year history, it has earned more than $25 billion that has been used to improve Alberta's quality of life. The Looking Forward: Planning for the Future with the Alberta Heritage Savings Trust Fund survey is the first survey on the Fund's future since 1995.