Newsrelease

September 30, 1999
Edmonton, Alberta

"Government business planning in 1998-99 was focussed on providing Albertans with the best quality of life in Canada. And it's working. People are moving here at record numbers."

Treasury's fiscal responsibility pays off for Albertans in 1998-99

Following through with feedback from public consultations in 1998-99, the Alberta government has made good progress on debt repayment, and introduced a new tax plan all while increasing funding levels in core services.

Government fiscal policy advances have been geared toward ensuring Albertans have a better quality of life - better access to schools and hospitals, better roads to drive on, and more disposable income. The Treasury department helped keep the provincial government on track with business planning during the past year.

"Albertans have told us, time and again, 'spend only enough to adequately fund our priorities, pay down the debt steadily, then give the rest of our tax dollars back,'" said Provincial Treasurer Stockwell Day.

Information included in the department of Treasury's 1998-99 Annual Report, released today, shows that the government is listening. "We can evaluate ourselves by looking at how many people are moving to Alberta. In 1998, almost 55,000 people moved here," said Day.

Highlight's of Treasury's Annual Report include:

• Forward-looking business planning and prudent forecasting helped us make a payment of $1.03 billion on the net debt. As a result, the province's net debt was eliminated in June 1999 and we can now focus our full attention on reducing the accumulated debt of $14.1 billion.
• Standard and Poor's announced that they reaffirmed Alberta's second straight credit rating of AA+, the highest among provinces. Alberta borrows at the lowest average interest-rate spread of any Canadian province.
• A new tax plan, to be phased in over the next three years, was introduced in the March 1999 Budget. The new tax system has announced annual tax savings of $600 million for Albertans, with an additional 78,000 low-income Albertans being removed from the tax rolls. On September 1, the Premier announced that implementation will be completed on January 1, 2001, a year earlier than scheduled.

"Albertans want to know how their money is used. So, Treasury continues to report to Albertans about the province's finances in a timely and responsible way," said Day.

For a paper copy of the 1998-99 Alberta Treasury Annual Report, Albertans can call the Treasury information line at (780) 427-4414, or toll-free 310-0000, then 427-4414.

For the internet version of the report, please use the link below.

For further information, please contact:

Shannon Taylor
Communications Director
Alberta Treasury
(780) 427-5364

Go to: Alberta Treasury 1998-99 Annual Report - | - Links to Ministry Annual Reports