Projected financial shortfall could see city halt spending on new projects
New projects could take a backseat to maintenance and renewal work in Edmonton over the coming years as city council tries to rein in spending and adapt to new financial pressures.
Councillors received an update on city finances Monday morning as they look for ways to cut down the projected 13-per-cent property tax hike projected for 2025.
This year has presented new financial challenges, including firefighters and bus drivers working more overtime than expected, partly because of unfilled jobs and staff on stress leave.
Gasoline prices are up and revenue from certain construction permits and transit is down along with funding from the province.
The city is also paying down debt for money it borrowed to build several recent major projects such as recreation centres, light-rail transit and roads.
"All of these pieces are just adding up," Ward Papastew Coun. Michael Janz told media. "It's kind of like we moved into the new home, we redid the kitchen, we redid the garage, we put in a hot tub, and now, there's no money to spend for the next decade."
City staff are projecting a $34-million deficit this year.
Multiple councillors say the city needs to make structural changes to how it operates as a corporation.
Suggestions include a tighter focus on core city services and dedicating most new spending to maintenance work for a few years.
CTVNews.ca Top Stories
Inflation is down, wages are up. Why are Canadians still frustrated with the economy?
The federal finance minister has been taking every opportunity to remind frustrated Canadians that after a bumpy pandemic recovery, the nation's economy is actually doing a lot better.
'It looks quite real': Two Ontarians lose money to fake phone scam
About 85 per cent of Canadians have a smartphone and once you have one they’re hard to live without. The latest smartphones can cost as much as $2,000, so if you’re trying to save money, make sure you don’t get caught in a fake smartphone scam.
America reaches Election Day and a stark choice between Trump and Harris
A presidential campaign marked by upheaval and rancor approached its finale on Election Day as Americans decided whether to send Donald Trump back to the White House or elevate Kamala Harris to the Oval Office.
Months after VRBO booking, Taylor Swift fan told home 'not available' during Vancouver concert
A frustrated Taylor Swift fan is speaking out after being pushed from a short-term rental she booked for the upcoming Vancouver leg of the superstar’s Eras Tour.
Australian foreign minister raises allegations with Indian counterpart of targeting Sikhs in Canada
Australia's foreign minister said Tuesday she raised allegations with her Indian counterpart that India has targeted Sikh activists in Canada.
Trudeau and Harris? Poilievre and Trump? Here's who Canadians think would work best with: survey
As Americans prepare to elect their next president on Tuesday, new data from the Angus Reid Institute suggests Canadians hold differing views as to which federal party leaders would be best suited to deal with either Donald Trump or Kamala Harris.
New homeowners find skeleton in attic 15 years after previous occupant disappeared
Homeowners in France have discovered a skeleton in the attic of an outbuilding while undertaking renovation work.
Surprise swing state? Iowa poll has Harris suddenly leading
Based on victories in the past two elections and polls leading up to Tuesday’s election, Donald Trump had seemed almost certain to win Iowa, but a new poll has Kamala Harris with a sudden three-point lead.
Canada Post, union, still disagree over weekend delivery following weekend talks
Canada Post and the union representing its workers are commenting on how weekend talks for a new contract went, with the employer calling them less productive than they'd hoped and the union claiming their employer is focused on flexibility to deliver parcels at the lowest possible cost.