CALGARY – Tanking oil prices means infrastructure money promised by the province of Alberta may not come through, and so a possible funding shortfall for the city of Calgary has spurred councillors to come up with ways to save.
Councillor Sean Chu wants the City to show some financial leadership, saying he would welcome a wage rollback for the mayor, councillors and the city’s 15,000 employees.
That would save about $40 million, but council didn’t even consider the option.
Mayor Nenshi claimed Calgary’s economy is in better shape than many think. He said while there have been some layoffs, the true impact of falling oil prices will be felt later this year and won’t devastate the diversified local economy.
City administrators will hold back on filling 700 vacant jobs to save money, and another option that will be studied and reported on later this year is a proposed savings fund – Calgary’s version of a heritage trust fund.
With files from Erika Tucker
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