September 30, 2003

Alberta Finance - laying the foundation for a new fiscal framework

Edmonton... The development of a new fiscal framework to protect core programs from volatile resource revenue and provide more certainty to infrastructure planning is among the highlights of Alberta Finance’s 2002-03 Annual Report.

“We entered into a new phase that builds on our reputation as a fiscal leader and prepares Alberta for future challenges,” says Finance Minister Patricia Nelson. “The Alberta Sustainability Fund, and Capital Account will address the province’s infrastructure needs and fulfill Albertans’ desire for predictability, sustainability and continued discipline in our fiscal planning process.”

Other annual report highlights:

• Albertans have the highest personal disposable income per capita of any province.
• Albertans have the lowest personal taxes in Canada. They saved $75 million in 2002 as a result of inflation proofing the single-rate tax.
• Business tax cuts totalled $81 million.
• Budget balanced for the ninth consecutive year.
• The accumulated debt was reduced to $4.7 billion.
• Maintained a triple “A” credit rating from Moody’s Investor Service, Standard and Poors and Dominion Bond Rating Service.

Copies of Alberta Finance's Annual Report are also available by calling 427-3035. For toll-free access anywhere in Alberta please call 310-0000, then 427-3035.  Click on the links below for:

• Alberta Finance 2002-03 Annual Report (html); or

• PDF version index.

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For media inquiries, please contact:

Jerry Bellikka Director of Communications Alberta Finance (780) 427-5364 (780) 718-5699 cellular
Dial 310-0000 for toll free access outside of Edmonton.