WARD 1 News Release: Comments as a Vice Chair on The City of Calgary’s Economic Outlook
In light of the current downturn in oil prices and the change in Alberta’s economy, civic leaders are left uncertain whether projects that are already underway will be delayed or completed with debt-financing, as well as whether other future projects are in jeopardy. As noted in the Calgary Herald, I am concerned about the status of the upcoming provincial budget and the possible implications for the city. Thus, this is why I believe now is the time to focus on how we as a city can react responsibly in order to plan for the worst case scenario.
There are a number of scenarios that could occur if the province delays funding for capital projects. If the province does delay funding, we as a city need to be prepared to address each possible situation. City manager Jeff Fielding will give council a report in late February on the actions taken and a longer term plan to address the current economic environment in Calgary. In anticipation of delayed funding, I have spoken to Fielding about potential programs that could be frozen for cost savings this year. When available and in the near future, I will be posting updates on The City’s budget and actions.
Vice Chair, Priorities and Finance
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