Newsrelease

September 24, 1997
Edmonton, Alberta

"Our focus continues to be on careful financial planning and management. Solid financial results are a direct result of two factors — a dynamic and growing economy and a firm determination by government to live within its means."

Treasury Builds on Solid Reputation for Prudent Fiscal Management in 1996-97 Annual Report

Results of the final year of Alberta Treasury’s first three-year business plan are reported on in the 1996-97 Annual Report. Treasury’s performance highlights are:

• Recorded a $2.5 billion surplus before pension provisions, a result of sound fiscal planning and windfall revenues. This was the third year in a row that Alberta recorded a budgetary surplus, cutting the province’s net debt by more than half since 1993-94.
• Introduced the Alberta Family Employment Tax Credit, a program that reduced taxes for close to 130,000 low and middle income working Alberta families with children.
• Reduced selected business taxes, including the province’s property tax on machinery and equipment.
• Published a budget on a fully consolidated basis, making Alberta the first province in Canada to do so.
• Issued timely and user friendly reports to Albertans regarding the province’s finances and the government’s progress in achieving its performance targets.
• Continued to streamline the corporate tax collection system, reducing the paper burden on business.
• Restructured the Heritage Savings Trust Fund into a Transition and Endowment Portfolio to better meet the current and future financial needs of Albertans.
• Restructured Alberta Treasury Branches operations to improve accountability for financial performance.
• Initiated the inclusion of financial statements for each ministry and its associated boards and agencies for the first time in their annual reports.

"Looking ahead, the key challenge is to build on the solid progress we made in 1996-97. Alberta is now seen across Canada and throughout North America as a leader in financial management," said Day. "I’m confident Alberta will continue to lead the way in delivering quality services at a price we can all afford today and into the future."

To obtain copies of the 1996-97 Alberta Treasury Annual Report, call Treasury Communications at (780) 427-4414.

For further information, please contact:

Alberta Treasury
Trish Filevich
Director of Communications
Telephone (780) 427-5364 (Edmonton)
webmaster@treas.gov.ab.ca

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