Alberta introduces Bill 10 to build fiscal stability

Alberta has introduced legislation that would require it to keep a tight rein on spending and continue to pay down its debt.

Finance Minister Travis Toews says Bill 10 proposes a new fiscal framework that mandates balanced budgets, limits expense increases and set policies for surplus cash.

It would also enable the United Conservative Party government to keep all investment income within the Alberta Heritage Savings Trust Fund.

Toews says if all the earnings from the fund had been kept in it over the years, it would now be worth 300-billion dollars.

The legislation would also tie future municipal funding levels more closely to provincial revenues.

Toews says municipalities need to have more predictable and consistent funding.

Toews acknowledges if the bill passes, the fiscal framework could be changed by a future government.