The provincial government is proposing amendments to the Future Fund – legislation introduced in 2022 following a recommendation in Moya Greene’s PERT Report.

Finance Minister Craig Pardy wants to remove the requirement for annual mandatory contributions, and will limit the basis on which funds can be withdrawn to ensure that the funds set aside are used for debt and liability payment.

He outlined some of the proposed amendments in the House of Assembly yesterday.

“Any withdrawal would have to be for debt. Key amendments to the Act; the requirement for mandatory contributions based on non-renewable resource royalties will be removed.

As a result, the Future Fund regulations are no longer required, and will be repealed. Secondly, discretionary contributions will be limited to when the province is in a surplus cash position, excluding funds raised through borrowings.

The Opposition argues that a Future Fund should be available for things like building strong infrastructure, when needed.