March 25, 2024


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Premier Smith says restraint needed in Alberta budget 2024, vows to build Heritage Fund

Alberta Premier Danielle Smith promised not to cut spending this year in a pre-budget speech on Wednesday but said the province still needs to show more restraint than previously expected.

In a pre-budget, eight-minute paid prime time televised speech, Smith said lower resource revenues and the volatile price of oil and gas have prompted the government to think of a long-term strategic financial plan to have a “stable, balanced budget.”

Alberta Heritage Savings Trust Fund

What is the Heritage Fund?

The Alberta Heritage Savings Trust Fund (the “Heritage Fund” or “Fund”) is Alberta’s primary long-term savings vehicle. It holds a
diversified portfolio of investments for the benefit of current and future generations of Albertans.

When was the Heritage Fund established?
The Heritage Fund was established in 1976. Initially, 30 per cent of Alberta’s non-renewable resource revenues were deposited
into the Fund every year. As difficult financial times hit in the 1980’s, it was decided to reduce this percentage to 15 per cent of
non-renewable resource revenues in 1982. Regular deposits into the Fund ceased in 1987.


ATB Financial is a financial institution and Crown corporation wholly owned by the province of Alberta, the only province in Canada with such a financial institution under its exclusive ownership.[2]

Originally established as Alberta Treasury Branches in 1938, ATB Financial operates only in Alberta and provides financial services to over 800,000 Albertan residents and businesses. It is the largest public bank in North America and Alberta’s largest financial institution based in the province.[3][4][5] Headquartered in Edmonton, ATB Financial has over 5000 employees.