News Release

June 13, 2000
Calgary, Alberta

"Albertans continue to work hard to help lead Alberta to a strong economic performance. Thanks to their efforts and to higher-than-expected revenues, we were able to increase spending on our priorities, accelerate our tax plan and make a record payment on our debt."

Provincial Treasurer Stephen West

The province has made a debt payment of $2.7 billion for the fiscal year 1999-2000, Provincial Treasurer Steve West announced today.

"Today Alberta is sending a strong message to international markets. That message is that Alberta is a leader in fiscal accountability and sound financial management. All Albertans can be proud," West said, adding that Alberta’s prosperous economy and higher-than-expected resource revenues were the reasons for the increased debt payment. Initially, the province had estimated its economic cushion at $617 million for 1999-2000.

"Thanks to Albertans’ hard work and commitment to fiscal responsibility, the government has made great strides in paying off the debt. This progress bodes well for Alberta’s future," the Treasurer said.

In addition to the debt payment, the province was able to increase one-time spending in key areas and cut personal income taxes in 1999-2000. The bulk of spending money went to the municipal infrastructure program announced by the Premier last fall, to a farm aid package, and to one time spending on health and education.

Alberta’s $2.7 billion debt payment for last year is a record, coming in just ahead of the $2.6 billion paid to debt in 1997-98. Alberta started the fiscal year 2000-01 owing $12 billion.

Alberta’s full consolidated fiscal results for 1999-2000 will be released with the province’s performance measure results in the Government Annual Report on June 29, 2000.

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