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| Fund overview | |
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| Formed | 19 May 1976 |
| Headquarters | Federal Building 9820 107 Street Edmonton, Alberta, Canada |
| Minister responsible |
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| Fund executive |
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| Key document |
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| Website | www |
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Elections Leader of the Progress Conservative Association of Alberta Legacy and cultural references
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The Alberta Heritage Savings Trust Fund (HSTF) is a sovereign wealth fund established in 1976[1]: 10 [2] by the Government of Alberta under then-Premier Peter Lougheed.[1]: 10 [2] The Heritage Savings Trust Fund was created with three objectives: "to save for the future, to strengthen or diversify the economy, and to improve the quality of life of Albertans."[2] The operations of the Heritage Savings Trust Fund are subject to the Alberta Heritage Savings Trust Fund Act and with the goal of providing "prudent stewardship of the savings from Alberta's non-renewable resources by providing the greatest financial returns on those savings for current and future generations of Albertans."[3] Between 1976 and 1983 the Government of Alberta deposited a portion of oil revenue into the fund. The Heritage Savings Trust Fund used oil revenues to invest for the long term in such areas as health care, education and research and as a way of ensuring that the development of non-renewable resources would be of long-term benefit to Alberta.[2] The strategy and goals of the fund have changed through successive provincial governments which moved away from direct investments in Alberta to a diversified approach, which now includes stocks, bonds, real estate and other ventures.
The Heritage Savings Trust Fund has been a source of criticism for Alberta governments, as the value of the fund has failed to grow at the pace of provincial non-renewable natural resource revenues, which between 1980 and 2014 accounted totaled almost $190 billion,[4] while the value of the Heritage Fund in 2014 was only $17.3 billion.[5] The fund was established in 1976 accruing 30 per cent of provincial non-renewable resource revenues, which was subsequently lowered to 15 per cent in 1983 and eliminated in 1987.[2] The Heritage Savings Trust Fund has not been immune to market forces, gaining and losing value according to general market trends. This includes a $3-billion loss during the 2009 Great Recession resulting in the fund dropping to its 1985 value of $14 billion. The Alberta's Heritage Savings Trust Fund's fair market value was listed at $17.5 billion in 2014,[6] and $16.3-billion as of 2020.[7]
- ^ a b Clemens, Jason; Murphy, Robert P. (March 4, 2013), Reforming Alberta's Heritage Fund: Lessons from Alaska and Norway, retrieved February 7, 2015
- ^ a b c d e "Historical Timeline", Government of Alberta, Heritage Fund, Treasury Board and Finance, December 2, 2014
- ^ Alberta Heritage Savings Trust Fund Third Quarter 2014–2015 (PDF) (Report). Department of Treasury Board and Finance, Government of Alberta. December 2014. p. 23. Archived from the original (PDF) on March 14, 2015. Retrieved March 7, 2015.
- ^ Fawcett, Max (May 5, 2014), "Money for Nothing: The Province vs. Non-renewable resource revenue: Alberta governments have a long history of squandering non-renewable resource wealth. Why that needs to stop – now", Alberta Venture, archived from the original on March 17, 2015, retrieved March 7, 2015
- ^ Bennett, Dean (February 3, 2014). "Alberta Debt Debate To Resume Monday". The Canadian Press via Huffington Post. Edmonton. Retrieved March 7, 2014.
- ^ Priaro, Mike (February 2, 2015), "Jim Prentice's government should revitalize Peter Lougheed's legacy" (PDF), Inside Policy, The Macdonald-Laurier Institute, retrieved March 7, 2015
- ^ Alberta Treasury 2020, p. 1.
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