Alberta Heritage Savings Trust Fund

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 1976-1983 the Government of Alberta deposited a portion of oil revenue into 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 exploitation 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.

Alberta Heritage Savings Trust Fund
Fund overview
Formed1976 (1976)
HeadquartersFederal Building
9820 107 Street
Edmonton, Alberta
Minister responsible
Fund executive
  • Ron Orr, Chair of the Standing Committee on the Alberta Heritage Savings Trust Fund
Key document
  • Alberta Heritage Savings Trust Fund Act
Websitewww.alberta.ca/heritage-savings-trust-fund.aspx

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 entirely in 1987.[2] The Heritage Savings Trust Fund has not been immune to market forces through, and has gained and lost value according to general market trends including 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]

History

Formation and early history
Value of the Alberta Heritage Savings Trust Fund as reported by the Government of Alberta

The Alberta Heritage Savings Trust Fund was first announced in the 1975-1976 election budget tabled by the Progressive Conservative government led by Premier Peter Lougheed in the 17th Legislature in February 1975. The fund would be established to hold $1.5-billion, and scarce details were provided by Provincial Treasurer Gordon Miniely, noting that the fund would be for the betterment of current and future Albertans.[8] The 17th Legislative Assembly was dissolved only days later and the 1975 Alberta general election was scheduled for March 26. The proposed Alberta Heritage Savings Trust Fund became a central issue during the election, and Premier Lougheed used the opportunity to outline the policy behind the fund. The fund would be used to diversify and strengthen the Alberta economy, improve the capacity and quality of life for future Albertans, stimulate the economy and continue to accumulate interest on the principal. Furthermore, Lougheed stated the funds would not be invested in a way as to interfere with private sector activity, disrupt existing financial institutions, and primarily be invested inside Alberta.[9] Lougheed in debates in the Legislature further refined the purpose of the fund, stating it was not to transform Alberta into an "industrial state", stating he did not want smoke-stacks, but instead the "best jobs" and "brain power".[10] Lougheed and the Progressive Conservative campaign were successful, and the he returned to power with a strong majority government controlling 69 of 75 seats in the Legislature.

The fund was created with the passage of Bill 35 The Alberta Heritage Savings Trust Fund Act during the second session of the 18th Alberta Legislature, receiving Royal Assent on May 19, 1976.[11] The bill legislated the transfer of $1,500-million in assets from the Province's General Revenue Fund and committed 30 per cent of the province's annual non-renewable resource revenue into the fund. Non-renewable resource revenue included any revenue received by the Alberta government related to agreements or bonuses under the Mines and Minerals Act, including royalty or in lieu of royalty for bituminous sands leases.[12] The Act also created the 15-person Legislature Committee to review the operations of the fund, but not actually manage any of the investments.[13] The fund was divided into three investment divisions. The Capital Projects Division with up to 20 per cent of the fund's assets invested in projects with long-term economic or social benefits to Albertans. The Canada Investment Division with up to 15 per cent of the fund's assets made loans to other governments or government agencies in Canada. The Alberta Investment Division sought opportunities in Alberta where investments would strengthen and diversify the economy.[14]

The fund was initially criticized for the absence of public consultation in the development of overarching legislation, Cabinet's control over 80 per cent of the funds investments, leaving the Legislature with control over 20 per cent of the fund's assets.[15] The Progressive Conservative government made concessions to give the Legislature power to vote on deposits made into the fund each year, but Premier Lougheed called giving the Legislature additional control over investments impractical, naïve and ridiculous.[16] Progressive Conservative Government House Leader Lou Hyndman rationalized the absence of Legislature control over investments noting matters concerning investment is traditionally the prerogative of the government.[13]

The Alberta Heritage Savings Trust Fund's first year of operations saw the legislated deposit of $1,500-million in assets from the Government of Alberta, $620-million in deposits resulting from 30 per cent of the Province's non-renewable resource revenue, and $88-million in investment earnings.[17] The initial $1,500-million transfer included $254.5-million in cash, with the remaining assets including debentures from the Alberta Housing Corporation, Alberta Home Mortgage Corporation, Alberta Government Telephones, and Alberta Municipal Financing Corporation; as well as shares from Alberta Energy Company, Syncrude Canada Limited, and Canada-Cities Service Limited.[18] The first investment of the Canada Division was the March 8, 1977 private placement loan to the province of Newfoundland and Labrador for $50-million for 21 years at a 10 per cent coupon.[19] Alberta amended the policy on Canada Investment Division loans in the 1979-80 fiscal year to allow all provincial governments to borrow at the interest rate of the province with the strongest credit-worthiness, a benefit for provinces who would otherwise be required to borrow at higher interest rates on the open market.[20] The Lougheed government also lifted the ban on loans to the Province of Quebec in September 1979.[21]

1980s
Equity Growth of the Alberta Heritage Savings Trust Fund by year

The Alberta Heritage Savings Trust Fund would go through a number of changes in the early 1980s under Premier Peter Lougheed's Progressive Conservative government. Provincial Treasurer Lou Hyndman announced the province would indefinitely suspend the Canada Investment Division and the possibility of future inter-provincial loans issued by the Heritage Trust Fund. Funds would instead be used on investments in Alberta.[22] The 1982-83 fiscal year marked the first occasion when income generated in the fund was utilized for general government purposes with the transfer of $866-million to Alberta's General Revenue Fund, while retaining $1,986-million.[23] Lougheed announced to Albertans that the "rainy day" had arrived and the government intended to put a billion-dollar umbrella over mortgage holders, small businesses and farmers. In the announcement to address the recession, Lougheed stressed the diversion of funds from the Heritage Trust Fund would only be temporary, and the concept of the fund would remain intact.[24] The Legislature passed Alberta Heritage Savings Trust Fund Amendment Act, 1983 (Bill 18) which repealed the diversion of 30 per cent of non-renewable resource revenue, and provided for the transfer in place for a rate of 15 per cent.[25] The following year, the Fund transferred $1,469-million to general revenue and retained $720-million.[23] Criticism mounted on Peter Lougheed and the Progressive Conservative government from opposition, with Western Canada Concept leader Gordon Kesler calling the decision "disastrous" and an example of the government's poor financial planning, while Liberal leader Nicholas Taylor called attention to bloated government programs and the optics of a balanced budget before a snap election.[26] Only a month after the announcement the 19th Alberta Legislature was dissolved and an election was called for November 2, 1982.

The Don Getty led Progressive Conservative government facing deteriorating economic conditions and low oil prices tabled a 1987-88 budget which terminated the 15 per cent non-renewable natural resource deposits into the Heritage Savings Trust Fund and withdrew all interest income from the fund into general revenues.[27] The decision to suspend non-renewable natural resource deposits provided an estimated additional $216-million to the treasury, and an additional $1.4-billion in investment income transfers.[28] The decision in effect capped the fund at $12.7-billion.[29][2] The $1.4-billion investment income transfer amounted to 19.7 per cent of the province's revenue in 1987, exceeding personal income tax by approximately $230-million.[30]

Opposition of the Alberta Heritage Savings Trust Fund grew in Alberta in the 1980s. A green paper on the fund produced by the opposition Liberal Party claimed the value of the fund was half of what the government claimed as many of the assets could not be reasonably sold or liquidated, such as infrastructure upgrades in provincial parks.[31] The Auditor General raised similar concerns as the fund claimed $2.8-billion on "deemed assets" which could not be liquidated or in any way recovered by the province.[30] Furthermore, opposition MLAs Nicholas Taylor, and Sheldon Chumir claimed the fund created needless backlash against Albertans in Toronto and Ottawa.[31] As Alberta's economy continued to falter in the late 1980s, calls from both inside and outside Alberta were made to use the Fund to reduce the provincial deficit or pay off provincial debt, however the Progressive Conservative government was unwilling to reduce the principle of the fund.[32]

1990s
Interest Income Transfers for the Alberta Heritage Savings Trust Fund

The Don Getty government faced continued criticism over the handling of the Heritage Savings Trust Fund, particularly the dwindling principle which had seen four consecutive years in reduction by 1991.[33] The funds continued reductions were in part a result of transfers of interest to general revenue and lower earnings from non-interest-bearing investments, in particular the Lloydminster Bi-Provincial Upgrader for heavy oil with Husky Oil and the Government of Saskatchewan, and the Alberta-Pacific Forest Industries pulp mill.[33] By 1993 the government decisions to reduce and eventually eliminate non-renewable natural resource revenue in 1983 and 1987 combined with the diversion of interest revenue from the fund to general revenue had reached $15.4-billion in diversion, more than double the fund's 1993 value of $15.3-billion.[30]

The Alberta Heritage Savings Trust Fund underwent a number of changes with Ralph Klein's successful leadership campaign for the Progressive Conservative party and subsequent success in the 1993 Alberta general election. Klein was staunch believer that private enterprise should dictate market activity and government "should not be in the business of business".[34] The Alberta Heritage Savings Trust Fund was shifted away from strategic business investments to become a savings tool investing for financial return. Klein began the sell off of the province's 15 per cent ownership in Syncrude in 1993, selling 5 per cent of the enterprise to Murphy Oil for $150-million.[35] Alberta sold its 36 per cent stake in the Alberta Energy Company Ltd. (would eventually become Ovintiv) for $476-million in May 1993, with $183-million returned to the Heritage Savings Trust Fund and the remaining $273-million applied to the provincial debt.[36]

Calls to amend the Alberta Heritage Savings Trust Fund legislation to make the fund "inflation-proof" dated back to the 1990s as successive governments withdrew large portions of the Fund's investment interest.[37][38][39][40] The Alberta Heritage Savings Trust Fund Act (Bill 32) was introduced by the Progressive Conservative government during the fourth session of the 23rd Alberta Legislature and received Royal Assent on May 23, 1996.[41] The Act reorganized the fund, focusing on a period of temporary short-term investments for the benefit of the provincial treasury[42] while transitioning the Fund to long-term investments by 2005.[43] This change was facilitated through a separate "Transition Portfolio" and "Endowment Portfolio", with $10.6-billion of the Fund's $11.8-billion assets placed in the Transition Portfolio.[44] The Transition Portfolio invested primarily in interest bearing securities for a stead stream of income, while the Endowment Portfolio was split between fixed income securities and equities both between 35 to 65 per cent of the fund.[45]

2000s

The Alberta economy's recovery from the Early 1990s recession was jumpstarted by the 2000s energy crisis which saw the inflation-adjusted price of a barrel of crude oil on NYMEX rise above USD$30 in 2003, reached USD$60 by 11 August 2005, and peaked at USD$147.30 in July 2008.[46] Provincial government revenues from oil and gas royalties grew leading Premier Klein to declare the province "debt free" in July 2004.[47] The province had set aside enough money to make payments on outstanding debts until 2013 when the final payment was made.[48] The growing provincial treasury led to three years of deposits in the Heritage Savings Trust Fund in 2005-06 ($1.75-billion), 2006-07 ($1.25-billion), and 2007-08 ($918-million); the first deposits to the Fund in 19 years.[49][50]

In 2008, the Government of Alberta created the Alberta Investment Management Corporation (AIMCo), a Crown corporation owned by the provincial government as the asset management firm for the province of Alberta. AIMCo was transferred control of the province's financial assets which had previously been managed by a division of the Alberta Ministry of Finance. As part of AIMCo's mandate began managing the Heritage Savings Trust Fund in 2008.[51]

Public criticism reignited in 2009 when it was announced the Heritage Savings Trust Fund had lost $3-billion during the Great Recession, reducing the funds value to $14-billion.[34] Peter Lougheed, whose government created the fund in 1976 spoke critically of the fund's management and failure to diversify the Alberta economy, noting the fund was valued at $14-billion in 1985 when he left retired from provincial politics.[34] The fund recovered to the original $17-billion value in 2014.[2]

Council for Economic Strategy 2011

In its May 2011 report, entitled Shaping Alberta's Future, Premier Ed Stelmach's Council for Economic Strategy proposed the institution of a "Shaping the Future Fund to ensure that money produced by converting natural assets today is invested with intentionality to secure prosperity for future Albertans."[52]:107

The flagship idea of the Council was,[52]:101

That the government of Alberta establish a Shaping the Future Fund, based on proceeds from the sale of non-renewable energy assets (primarily royalties) to ensure that wealth produced by converting natural assets today is invested wisely in our economic future based on proceeds from the sale of non-renewable energy assets (primarily royalties) to ensure that wealth produced by converting natural assets today is invested wisely in our economic future... Other resource-based economies have established sovereign wealth funds as a means of managing the effects of resource development and of capturing the lasting benefit of their natural resources. By avoiding expenditures during boom times and making financial investment in other jurisdictions – or counter-cyclic investments in infrastructure, diversification and education – these governments have minimized the worst aspects of resource booms in other parts of their economies.

— Premier's Council for Economic Strategy 2011:101

Fiscal Management Act 2013

In 2013, the Fiscal Management Act "committed the government to saving a portion of its non-renewable resource revenues for the future."[4]

The Fiscal Management Act stipulates that the government must set aside five per cent of the first $10 billion of non-renewable resource revenue , 25 per cent of the next $5 billion and 50 per cent of all NRR in excess of $15 billion. Given that NRR have averaged $9.6 billion a year since 2000, that would amount to less than $500 million a year in savings if the next decade's royalties look like the last. Meanwhile, the province has never reached the $15-billion threshold at which the real savings kick in.

Investments

The Alberta Heritage Savings Trust Fund has made a number of different investments in Alberta and Canada since its incorporation in 1976. Under the Canada Investment Division, the Fund provided loans to provincial governments and Crown Corporations in the provinces of Newfoundland and Labrador, Nova Scotia,[53] Manitoba, New Brunswick, Prince Edward Island, and Quebec through Hydro Quebec.[54] Loans under the Canada Investment Division grew to $1.9-billion by the time the program was suspended in May 1984.[22][2] In certain circumstances loans to other Canadian provinces failed to support the goals of the Heritage Savings Trust Fund, as the Province of Quebec used loans to subsidize agricultural development in the early 1980s, leadings to a reduction in Alberta livestock exports to Quebec.[55]

Under Peter Lougheed, $25.5-million from the Heritage Savings Trust Fund was used for the construction of the Kananaskis Country Golf Course as a measure to promote the diversification of the province's economy.[56]

The Alberta Heritage Savings Trust Fund has had a number of investments which brought negative attention to the fund and government. The 1987 loan of $120-million to Millar Western for a Whitecourt pulp mill which the government never received interest or principle payments on despite the province awarding the company several contracts. The province lost $244.2-million on the loan and in 1994 took a 60 per cent ownership stake in Millar Western[57] which was sold in 1996 for $28-million.[44] The governments of Alberta, Saskatchewan and Canada took severe losses on the Lloydminster Bi-Provincial Upgrader during the early 1990s, the Heritage Savings Trust Fund held 24.17 per cent of the project for a commitment of $404-million. The Lloydminster upgrader came in 28 per cent above budget at $1.63-billion well above budget, and the book value of the plant was listed at $148-million.[58][59] The Alberta government decided to sell the remaining ownership of the plant in 1994 to be absolved of any more liabilities with the project, selling its share in the plant to the Government of Saskatchewan and Husky Oil for $32 million.[60][61] The Government of Saskatchewan under Premier Roy Romanow sold their 50 per cent interest in the Lloydminster upgrader to Husky Oil only four years later in 1998 for $310-million, fully recovering Saskatchewan's investment in the project.[62]

Fund annual performance and transfers
Alberta Heritage Savings Trust Fund Transfers ($CAD)[49]
Year Net Income Transfers to Fund Transfers from Fund Fund Equity
(at cost)
NRR
Allocation		DepositsAdv. Ed.
Endowment		Inv. Income
Transfers		Capital
Project Exp.		Other
Transfers
1976-77 $88$2,120$0$0$0-$36$0$2,172
1977-78 $194$931$0$0$0-$87$0$3,210
1978-79 $294$1,059$0$0$0-$132$0$4,431
1979-80 $343$1,332$0$0$0-$478$0$5,628
1980-81 $724$1,445$0$0$0-$227$0$7,570
1981-82 $1,007$1,434$0$0$0-$349$0$9,662
1982-83 $1,482$1,370$0$0-$867-$296$0$11,351
1983-84 $1,467$720$0$0-$1,469-$330$0$11,739
1984-85 $1,575$736$0$0-$1,575-$228$0$12,247
1985-86 $1,667$685$0$0-$1,667-$240$0$12,692
1986-87 $1,445$217$0$0-$1,445-$227$0$12,682
1987-88 $1,353$0$0$0-$1,353-$129$0$12,553
1988-89 $1,252$0$0$0-$1,252-$155$0$12,398
1989-90 $1,244$0$0$0-$1,244-$134$0$12,264
1990-91 $1,337$0$0$0-$1,337-$150$0$12,114
1991-92 $1,382$0$0$0-$1,382-$84$0$12,030
1992-93 $785$0$0$0-$785-$84$0$11,946
1993-94 $1,103$0$0$0-$1,103-$71$0$11,875
1994-95 $914$0$0$0-$914-$49$0$11,826
1995-96 $1,046$0$0$0-$1,046$0$0$11,826
1996-97 $932$0$0$0-$756$0$0$12,002
1997-98 $947$0$0$0-$922$0$0$12,027
1998-99 $932$0$0$0-$932$0$0$12,027
1999-00 $1,169$0$0$0-$939$0$0$12,257
2000-01 $706$0$0$0-$706$0$0$12,257
2001-02 $206$0$0$0-$206$0$0$12,257
2002-03 -$894$0$0$0$0$0$0$11,363
2003-04 $1,133$0$0$0-$1,133$0$0$11,363
2004-05 $1,092$0$0$0-$1,092$0$0$11,363
2005-06 $1,397$0$1,000$750-$1,015$0$0$13,495
2006-07 $1,648$0$1,000$250-$1,365$0$0$15,028
2007-08 $824$0$918$0-$358$0$0$16,412
2008-09 -$2,574$0$0$0$0$0$0$13,838
2009-10 $2,006$0$0$0-$2,006$0$0$13,838
2010-11 $1,080$0$0$0-$720$0$0$14,198
2011-12 $798$0$0$0-$344$0$0$14,652
2012-13 $1,316$0$0$0-$1,155$0$0$14,813
2013-14 $2,109$0$0$0-$1,916$0$0$15,006
2014-15 $1,678$0$0$0-$1,468$0-$255$14,961
2015-16 $1,238$0$0$0-$1,029$0$0$15,170
2016-17 $2,333$0$0$0-$2,151$0$0$15,352
2017-18 $1,787$0$0$0-$1,557$0$0$15,582
2018-19 $937$0$0$0-$563$0$0$15,956
2019-20 $1,318$0$0$0-$1,031$0$0$16,243
Total $44,820$12,049$2,918$1,000-$40,803-$3,486-$255N/A

Criticisms

In their August 2015 contrast for The Globe and Mail between the AHSTF and the Norwegian Government Pension Fund Global, Brian Milner and Jeff Lewis wrote that Norway parks 100 per cent of its non-renewable resource (NRR) revenue from royalties and dividends in a fund that is barred from investing a krone in the domestic economy.[63]

Reports by the Canadian Centre for Policy Alternatives and the Fraser Institute[64]:9 concluded that Alberta should be saving more of its non-renewable resource revenues. Since 1980, the NRR in Alberta has generated almost $190 billion, but the value of the Heritage Fund was only $17.3 billion in 2014. After 1987, NRR was no longer added to the Heritage Fund.[2] The Fraser Institute report compared the Alberta Heritage Fund to Norway and Alaska's NRR funds and argued that Alberta's was significantly "smaller than others because of its relative under-funding and chronic withdrawals of most income from the fund."[64]:9 Alaska for example continued to deposit 25 percent of its NRR from 1982- 2011 and Norway contributed 100 percent. If Alberta had followed the Alaskan formula, by 2011 the Heritage Fund would have had $42.4 billion instead of $9.1 billion. By the Norway rules, Alberta would have had $121.9 billion by 2011.[1][64]:9

In 2013 Madelaine Drohan, author of the Canadian International Council report entitled The 9 Habits of Highly Effective Resource Economies: Lessons for Canada,[65]:94and a Canadian correspondent for The Economist, echoed the IMF call for "stabilization funds" arguing that every province in Canada should consider establishing a sovereign wealth fund, as global peers have done, and treat non-renewable resource revenue (NRR) as "capital to be saved and invested, rather than income to be spent."[66] She added that in provinces like Alberta where the Fund already exists, it "should be implemented with a great deal more rigour."[66] Drohan warned in 2013 against the "political temptation" to "raid" the Fund and offered the Canadian Pension Plan Investment Board (CPPIB), a Crown corporation, the largest pension fund in Canada, as a model.[66] By March 2015 the CPPIB fund had grown to $219-billion and made a 16.5-per-cent rate-of-return in 2013.[67]

In its annual report on the Canadian economy in February 2013, the Washington-based International Monetary Fund (IMF) urged Canada, and resource-rich provinces like Alberta and Quebec to "better manage boom-and-bust commodities cycles by stashing away more tax revenue in good times".[68] IMF mission chief for Canada, Roberto Cardarelli, suggested that Norway, with the largest sovereign wealth fund, is an example Canada should follow. However, unlike Norway, resource royalties are collected at the provincial, not the federal level in Canada.

Max Fawcett, the editor of Alberta Oil magazine, warned that the "new" Alberta Future Fund, "which would receive $200 million a year" that would "support big-picture projects" and the two "new innovation endowments" announced by Finance Minister Doug Horner in the 2014 budget, would be funded by raiding the Alberta Heritage Savings Trust Fund. There were no new savings.[4]

According to Fumbling the Alberta Advantage, a Fraser Institute report written in 2015, "Between 2005/06 and 2013/14, and adjusted for inflation, the province of Alberta garnered $101.3 billion in resource revenues."[69]:2

Given what is now known about the spending patterns of the last decade—that Alberta spent an extra $49.2 billion on programs above inflation and population growth—a deposit of 25% of resource revenues, or $25.3 billion, into the Heritage Fund would not have been unreasonable had program spending been more carefully controlled. Instead, the province deposited just $4.5 billion, or 4.5% of all resource revenues between 2005/06 and 2013/14.

— Fumbling the Alberta Advantage

See also

References
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Works cited
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