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But speaking to reporters, Notley ruled out dipping further into the fund to help cover either government operations or infrastructure.

“The Heritage Trust Fund is a legacy that is very important … that builds value for future generations,” she said at the legislature.

“Playing around with that is something that one would have to be very, very careful with — and so the idea of having it fund operational or specific capital projects is not something that I think aligns with the values of Albertans.”

Instead, Notley said Alberta needs “to find ways to grow that fund.”

“We have not valued it as much as we should have over the last couple of decades,” she added.

Photo by Crystal Schick / Calgary Herald

Wildrose finance critic Derek Fildebrandt said the Heritage Fund shouldn’t be touched by the government, but suggested Monday it would be “the next logical thing” for the province after a series of deficits under the previous Tory government, as well as the NDP administration that took office earlier this year.

“We’ve got to stop it. We’ve got to get back to a balanced budget,” Fildebrandt said.

The province does have a rainy-day fund specifically designed to backstop government finances in times of turmoil.

At the time of the first-quarter financial report, the province projected its Contingency Account would be reduced to $3.5 billion from $6.5 billion this year to help cover the government’s shortfall.

Notley acknowledged Monday that with the province’s staggering loss of revenue from slumping oil prices, “those kinds of contingency funds are put at risk.”