One city councillor wants to tap into rainy day fund
Posted Jul 2, 2019 2:50 pm.
CALGARY (660 NEWS) – Is it time to start dipping into Calgary’s rainy day fund?
A city committee is expected to discuss this option as administration looks for $60 million in budget cuts in an effort to provide some tax relief to business owners.
Ward 4 Councillor, Sean Chu, believes it’s time to tap into the reserve.
He says it’s not just raining, it’s pouring on some business and residential property owners.
Chu said the fund grew by $80 million last year and now sits at more than $650 million.
“There are some positions where people retire or other reasons for an empty position, we’re not going to fill that position,” said Chu, explaining where some of the money comes from.
Chu understands it’s important to save for emergencies, but adds the city should consider using part of the fund now to help those who are currently struggling.
“We as a council have to show people that we actually care. Perception is reality.”
Some of the rainy day fund has already been committed to other projects like the BMO Centre expansion.
