Is Calgary still an oil and gas town or has it moved on?

[darwink]

What are the transfers from the fund that are labeled as 'Investment Income Transfers'? Does that money go into general government spending?

Bingo bango. More money has come out than has gone in. $17 billion or so has gone in or was reinvested profits. $48 billion out for government funding or capital projects.

 

[trtcttc]

"Despite the short-term turbulence, over the past 10 years, the Fund has earned an average annual return of 9.3 per cent and the value of investable assets in the Fund grew from $17.2 billion to $20.0 billion. Investment income transferred and payable to the GRF over this period was $13.3 billion, or roughly $1.3 billion per year." The financial performance is actually on par with most pensions, but most pensions are not withdrawing 1.3B a year. Withdrawing isn't inherently a bad thing but it should go towards targeted project, say a hospital, or something that's a long term investment. Instead of going into general revenue, so it's not clear what exactly it's funding.

 

[Surrealplaces]

I’m not totally against the government, withdrawing some of the money from it, but it would be nice is if they left it for 10 or 15 years and let it build up.
My understanding of the heritage fund was that it was created to be used for when Alberta‘s economy had a “rainy day“.
I know Alberta has hit some rough patches here and there but I don’t think we’ve had enough of a rainy day to require pulling money out.

 

[Habanero]

IMO Calgary hasn’t fully moved on from it yet, but it is definitely moving on and I don’t think it’s totally accurate to call it an oil and gas town anymore, even though it’s still the primary industry.
20 or 30 years ago I think it would’ve been fair to call us oil and gas city.