REGINA – Today the NDP unveiled its plan for the Bright Futures Fund, calling it the best strategic use of our non-renewable resources.
Dwain Lingenfelter, NDP Leader, said a potash royalty review will ensure Saskatchewan’s people get their fair share now and in the long-term through the Bright Futures Fund.
The NDP has already made preliminary plans for an independent expert review that would begin in December, 2011.
“Making sure we get our fair share of our own resources to pay for the services people need like quality healthcare and strong education is the right thing to do,” said Lingenfelter, who added that putting non-renewable resource money aside for future generations just makes sense.
Rather than for day-to-day spending or a rainy day fund, the Bright Futures Fund will be invested for the long term and will be managed by an independent agency.
“This is a responsible approach to financial management. We’re investing for the decades ahead so that our children and our grandchildren will be able to count on their province,” said Lingenfelter.
The NDP will pass the Bright Futures legislation within its first year in office and will invest a minimum of $100 million annually into the fund over the next four years. While detailed design will occur with the development of legislation, the following principles will apply:
• The principle of the fund can’t be accessed for at least twenty years.
• The fund will follow the principles of Ethical Investments.
• Dividends (not principle) from the fund may be used for capital costs after ten years.
• Dividends may not be used for operating shortfalls.
The NDP expects the fund to generate annual returns of $400 million, based on a four per cent return rate and an annual investment of $100 million. By 2052, the fund is expected to grow to nearly $10 billion.
-CBC Saskatchewan has more ...
