Alberta is experiencing a resource revenue boom.
This fiscal year, resource revenue, which includes natural gas and oil royalties, will reach a projected $28.1 billion — the highest amount on record — and fuel a $12.3-billion budget surplus for the Smith government.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
If these “targeted” measures become permanent, they will contribute to large deficits in the near future.If the Smith government restrains spending moving forward, it can help prevent future deficits while also delivering cheques to residents — not once, but on an ongoing basis.In 1976, the Alaska government created the Permanent Fund to save mineral revenue.Article content
And crucially, a portion of earnings from the fund are paid to Alaskan citizens directly as dividends , which is key to the fund’s success.Because Alaskans have a direct financial interest in the fund, they’re more concerned about its independence, sustainability and investment performance than they otherwise would be, which creates a real constraint on government from spending the savings and hurting the fund’s performance.
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