The Nov. 25, 2015, Special Meeting of Council included:
Proposed Adjustments to the 2016 Budget
City Council unanimously approved Proposed Adjustments to the 2016 Budget, adopting a new capital budget of $2.34 billion to deliver valued infrastructure to Calgarians and stimulate the economy. The budget advances $47.5 million from 2017/18/19 into 2016 to accelerate a number of shovel-ready projects.
Since the preparation of the City's four-year budget and Action Plan in 2014, oil prices have dropped considerably and are remaining low longer than anticipated. This has created a slower economic environment for Calgary, and provides an opportunity for infrastructure investment that takes advantage of softer construction prices and provides timulus to the economy, including job creation. The recent citizen satisfaction survey results also shows that a strong majority of citizens, 75 per cent, say now is a good time for The City to invest in new projects to stimulate the economy.
This new Capital Infrastructure Investment Strategy will re-cast the capital budget’s cash flows, and as part of the mid-cycle review that will take place next year, will re-prioritize projects and remove constraints to increase the capital budget spend rate, all within the current approved tax rates.
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More Council News in Brief – highlights from Council and committee meetings