Laurie in Question Period
April 23, 2008 - Heritage Savings Trust Fund
Ms Blakeman: Mr. Speaker, everyone knows that when it comes to savings, you should always pay yourself first. Everyone, that is, except for this government. Yesterday’s announcement revealed that yet again there is absolutely no money budgeted for the heritage fund except for inflation-proofing as you can see if you check page 220 of the government estimates. My questions are to the Minister of the Treasury Board. How can the minister call this budget fiscally responsible when it doesn’t even follow the most basic principle: to pay yourself first?
Mr. Snelgrove: Well, Mr. Speaker, we’re not paying ourselves first. We’re looking after Albertans first, the immediate needs of Albertans. The Premier has indicated to the Minister of Finance and Enterprise that we will study very carefully our long-term strategy of savings and investment. We will report back to the House how we intend to use the tremendously lucky and prosperous financial position this government is in. The savings and investment plan will be brought back to the House.
The Speaker: The hon. member.
Ms Blakeman: Well, thank you. Once again, how can the minister say that he is looking after all Albertans when the most basic principle of putting a regular payment into a savings account is not being followed by this government?
Mr. Snelgrove: Mr. Speaker, one of the first moves our Premier made was to ensure that were we to have unanticipated surplus dollars, fully one-third of that money would go into the heritage fund. Last year that was nearly $900 million that went into the heritage fund. So simply saying at this point, “We’re going to have this much money, and when we do, we’ll put it in the bank” is one thing. We’ve made a commitment to look after Albertans and their immediate needs first, and if excess dollars arise, then we will invest it not only in the heritage savings trust fund but other endowments.
The Speaker: The hon. member.
Ms Blakeman: Thank you. Again to the same minister. Why does this government continue to hope for a windfall in order to be able to secure the future of our grandchildren by depending on unallocated, unanticipated surpluses before you can make one deposit into the heritage fund?
Mr. Snelgrove: Mr. Speaker, it’s always better to plan prudently and be rewarded successfully at the end. The money that is going to come from our surpluses or from revenues in excess of spending will be appropriately invested in Albertans’ future, whether it be through the heritage savings trust fund, the medical endowments for research, or our educational endowments. All of that money is being invested for Albertans.
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