SASKATOON, SK: The Canadian Taxpayers Federation released a report today showing the government of Saskatchewan would have $3.2 billion in savings if it had started a heritage fund in 2013.

“The numbers are clear: The Saskatchewan government needs to immediately start a heritage fund to save resource revenues and set the province up for future financial success,” said Gage Haubrich, Prairie Director of the CTF. “Alaska and Norway have built successful heritage funds and it’s time for Saskatchewan to join the club.”

In 2013, the provincial government commissioned former University of Saskatchewan president, Peter MacKinnon, to complete a report on managing resource revenues. The report recommended the creation of a heritage fund, where the government would save some resource revenues for future generations. The government did not adopt the recommendation.

Alaska and Norway both have heritage funds. Last year, every Alaskan received a $1,312 dividend from some of the fund’s investment income. Norway’s fund is valued at more than $2.2 trillion.

The CTF’s report shows the Saskatchewan government would currently have $3.2 billion in the heritage fund if it had followed a heritage fund plan based on the MacKinnon report. This would generate $162 million in interest income annually.

“Saskatchewan taxpayers are losing out on hundreds of millions of dollars every year because politicians refuse to save money,” Haubrich said. “The government needs to stop spending money it doesn’t have, pay down the debt and start a heritage fund now.”

Since the MacKinnon report was published in 2013, the Saskatchewan government increased the debt by 264 per cent.

The CTF’s Heritage Fund report is available HERE.