Calgary's surplus shrinks after city administrators revise numbers
The City of Calgary's surplus is not nearly as large as originally thought, city administrators revealed Tuesday.
Carla Male, the City of Calgary's chief financial officer, told counci last week that the city had $147 million in surplus funds. That big reveal set off a series of suggestions about what to do with the money, ranging from improving public transit to returning it to the pockets of Calgary taxpayers, Male suggested the cash be kept in the city's reserve fund.
This week brought a new twist: administration told councillors the surplus is actually only $105 million, mainly because council boosted spending for this year during last fall's budget debate.
Several councillors said they were frustrated with the change and want to know why the city's administration can't give them more accurate numbers when they need them.
No decision has been made about what to do with the $105 million surplus.
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