2005 News Releases
November 16, 2005Investment for the Access to the Future Fund grows to $750 million
Edmonton... An additional $500 million is being invested from this year's surplus towards the Access to the Future Fund, as part of the Alberta government's commitment to save today's non renewal resource revenues for future Albertans. The endowment will now have $750 million in 2005/06, which will provide millions of more dollars in the years ahead to launch new and innovative post secondary initiatives.
"Alberta's advanced learning system just received another substantial financial boost," Advanced Education and Technology Minister Dave Hancock said. "By tripling this year's investment towards the Access to the Future Fund, we're showing that we're serious about securing a bright and prosperous future for Albertans through education. Since launching the Fund, there has been even greater interest among Albertans for investing in the province's post-secondary system."
The Access to the Future Fund was introduced in Bill 1 this spring. Surplus revenue is being invested in an endowment fund and interest will be used to provide seed money for innovations in the post secondary system, as well as matching grants to stimulate private, industry, and other contributions to the advanced learning system. Once fully funded at $3 billion, the endowment will generate $135 million each year.
As well, an additional $100 million of the planned $500-million expansion of the Science and Engineering Endowment Fund (known as the Ingenuity Fund) is in place to help spur innovation in Alberta.
"This increased funding for Alberta Ingenuity will accelerate the positive results from their research in Water, In Situ Energy, Machine Learning, and Carbohydrate Science," said Victor Doerksen, Minister of Innovation and Science. "The Ingenuity Centres are helping to turn research discoveries into practical real-life applications that benefit Albertans."
A total of $1.3 billion has now been committed this year for endowment funds, including $250 million more for the Heritage Scholarship Fund, $200 million more for the Heritage Medical Research Fund, and $750 million in investment towards the Access to the Future Fund.
These investments are part of the Alberta government's plan to save for the future using this year's surplus. More than 75 per cent of surplus dollars are being spent in priority areas and saved in endowment funds.
More information on the Access to the Future Fund is available at: www.advancededucation.gov.ab.ca/news/2005/March/nr-Bill1.asp
