News Release

July 11, 2000
Calgary, Alberta

"We are the only province that owns more than it owes and the Audit Committee has recognized the excellent work this government has done in putting Alberta in such an enviable position."

Provincial Treasurer Steve West

The Alberta Audit Committee, an independent group of business people that reviews the government’s books, applauded the province today for paying off the net debt 10 years ahead of schedule.

In a report submitted to Cabinet today, the Audit Committee points out that the target was to have the net debt down to $4.5 billion by the end of the 1999-2000 fiscal year. Instead, the net debt was paid off in full.

"The job the province has done in retiring its debt has been impressive," said Audit Committee Chair Susan Evans. "And it is resulting in permanent savings for Albertans."

Alberta’s efforts in paying off the debt has translated into permanent savings of about $800 million per year. This money previously went to interest payments and can now be used for key areas like health care, education and infrastructure.

The net debt is the amount the province owed beyond its assets. Alberta’s remaining accumulated debt now stands at about $11.7 billion, while the book value of the Alberta Heritage Savings and Trust Fund is $12.3 billion. Alberta is the only province that owns more than it owes.

The Audit Committee was established under the Auditor General Act includes six independent business people who review the province’s annual report. They were reporting to Cabinet today on their review of the Government Annual Report released on June 29.

For further information, please contact: