The former head of a panel of experts that recommended Alberta save more money says he's disappointed the province has yet to start pumping more cash into the Alberta Heritage Trust Savings Fund.

Jack Mintz, who chaired Alberta's five-member Financial Investment and Planning Advisory Commission in 2007, tells CBC News it makes even more sense to save now, compared to four years ago.

"It's even a better idea," says Mintz, "because of the need to fund health care in the future."

Four years ago, in fact, Mintz's commission recommended Alberta boost the provincial "savings account" to $110 billion by 2030. Set up in 1976, the province's Heritage Trust Savings Fund is now valued at more than $15 billion.

Alaska, Norway saved more

Jack Mintz chaired Alberta's five-member Financial Investment and Planning Advisory Commission in 2007. Energy rich Alaska, though, has saved $36 billion in about as many years. And Norway, which only began saving its oil and gas royalty revenues in 1996, boasts a whopping $512 billion.

Canada West Foundation head Roger Gibbins says Norway did the right thing and Alberta did the wrong thing.

"If I had a … personal wealth manager and looked at [Alberta's] rate or return, I'd be looking for a lawyer because it's been terrible," said Gibbins.

Alberta's Financial Investment and Planning Advisory Commission warned Alberta could face a substantial tax hike by 2030 and look like a ghost town in the next century if resources are depleted.

Mintz, who heads the University of Calgary's School of Public Policy, believes a beefed up Heritage Trust Savings Fund could help pay for the estimated two to three per cent annual growth in provincial health care spending.

"We should really think about having an Alberta Heritage Fund that is focused on health care funding to make sure we have a great system that's going to last for generations," he said.

Government has no plans to save more

A provincial finance official told CBC News the government remains focused on cutting Alberta's deficit and has no official plans to save more for the Heritage Trust Savings Fund.

The Financial Investment and Planning Advisory Commission recommended saving a fixed share of Alberta's revenue every year.

The head of research with the Edmonton-based Parkland Institute, however, says Alberta needs to take another look at raising the amount of royalties the province charges for resources such as oil and gas.

"Looking at the billions being made in profit in the oil and gas sector today, one could easily make the case we are not collecting enough in royalties," says Diana Gibson.

"We had a budget this year," she adds, "where oil hit $100 [per barrel] and we had a deficit budget – and the problem is the royalties give away. There is no reason we should be running a deficit budget with oil at $100 per barrel."

Allan Warrack, who helped set up Alberta's Heritage Trust Savings Account in the late 1970s, believes Alberta should collect a one-third of value royalty on all oil sands production out of fairness to future generations.

"I live and hope that we'll experience this before the resources capabilities we've got in this province are wound down and we're left much, much poorer and my grandchildren... will have to go to Ontario to work," said the former provincial cabinet minister.