New Provincial Savings Framework

As Alberta recovers from the recession, the Chamber continues to encourage the provincial government to implement a principled budgeting and savings framework to turn today's energy wealth into tomorrow's prosperity.

Since 2007, the Chamber has advised the provincial government to save non-renewable resource revenues into the Alberta Heritage Saving and Trust Fund and other provincial endowment funds. Current recommendations suggest:

• the province cap non-renewable resource revenues for annual budgetary purposes at $4.5 billion, a figure that is equivalent to a 7 per cent sales tax
• excess revenue be placed into the Sustainability Fund (to a maximum of $5.5 billion). Once this account is full, funds would flow to the Alberta Heritage Saving and Trust Fund

Recent advocacy effort include the 2011 Provincial Pre-Budget Submission and in its 2011 Alberta Chambers of Commerce resolution entitled Maintaining Fiscal Provincial Discipline.

Previous Advocacy Efforts

• December 3, 2009 - When will Alberta learn its lesson?
  
  
• November 26, 2009 - News Release: Chamber calls for a 'back to basics' approach in the 2010 provincial budget & 2010 Provincial Pre-Budget Submission
  
  
• April 14, 2009: Provincial budget adopts Chamber 'smart spending bandwidth'
  
  
• April 7, 2009: News Release - Prudent spending and capital investment in cautious provincial budget will aid Alberta's economic recovery
  
  
• Vision 2050 Savings Strategy
  In November 2008, the Chamber released an updated plan which will slowly reduce dependence on non-renewable resource revenues for program spending and replace this with a permanent income stream to maintain Alberta's high quality of life. It builds upon the Chamber's recommendations to the Financial Investment Planning & Advisory Commission (FIPAC) and reflects current economic conditions.
  New Release: New Vision 2050 savings strategy will reduce reliance on volatile commodities and | overcome environmental challenges
  Report: Vision 2050 - A New Provincial Savings Framework
  
  
• Financial Investment Planning & Advisory Commission (FIPAC)
  In 2007, the Financial Investment Planning & Advisory Commission (FIPAC) was struck to review Alberta's savings approach and existing funds. The Chamber was among a select group of organizations and individuals invited to participate in private consultations with FIPAC members. Read the News Release here.