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• At its peak in 1994, Alberta's debt was $22.7 billion, working out to about $8,400 for every man, woman and child in Alberta.
• The government began paying down the debt in 1995.
• Alberta’s net debt (the difference between the government's liabilities and its financial assets) was eliminated in 1999.
• In the spring of 1999, the Fiscal Responsibility Act legislated a plan to pay off the remaining accumulated debt.
• On July 12, 2004, the government announced the final installment on the debt. Funds in the Debt Retirement Account are to be locked in.
• Alberta has reduced the annual debt servicing costs by almost $1.4 billion from 1994 by aggressively paying down the debt. These savings have been re-invested in priority areas important to Albertans, such as health, education, infrastructure and tax cuts. |
| Accumulated Debt Retirement (Net of cash set aside) — at March 31 (in billions of dollars) |
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