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Ward 1 News: Calgary's Strong Credit Rating

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Ward 1 official website

I was quite surprised to see a recent article headline that stated  - “Calgary can thank the province forits continued strong credit rating”.  As Vice Chair of Finance, I am very puzzled with this statement, and I am looking forward to the supporting financial documentation that backs it up.   The previous and current provincial government have actually delayed MSI payment to the City of Calgary.  In fact, last council we received the report noting that because of the delayed payments, an additional $98M dollars of interest had to be paid by the City (Calgary tax payers).  The City also pays for several services that are not within the core city responsibilities,  such as Access Calgary and affordable/attainable  housing.  What is taken from the provincial property tax side is not fully returned to the City of Calgary.  From my perspective, I would gladly take over the provincial portion of property tax and not ask for any infrastructure money again. 

A more accurate statement would be – “Despite the constant download of responsibilities from the province, the City of Calgary has continued to manage its finances and keep its excellent credit rating status”.

Ward Sutherland

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