Calgary’s mayor proposes $30M for economic resiliency fund

CALGARY – Mayor Naheed Nenshi wants council to consider establishing an economic resiliency fund using a $30 million surplus.

Under his notice of motion, which Nenshi will make on Monday, almost half of the surplus would go towards an affordable housing initiative.

The remainder would be enough to freeze Park and Recreation fees and Calgary Transit fares–which are among the highest in the country.

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The remaining $5 million would go towards an emergency fund to assist non-profit organizations and city departments experiencing economic hardship as a result of the economic downturn.

How it breaks down:

• $14.4 million for affordable housing initiatives
• $8.8 million to freeze Calgary Transit fares
• $1.6 million to freeze Park & Recreation Fees
• $5 million Emergency Fund for non-profit and city departments hurt by the downturn