City of Calgary posts and then immediately spends $65 million surplus

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Calgary Ward 13 Councillor Dan MacLean posted a video to his Facebook page Friday morning of the November 25 council meeting where the tax surplus was both announced and then quickly dispensed of, according to MacLean.

“BREAKING: This morning we learned The City of Calgary has a $65,000,000 SURPLUS! I was hoping that these funds could have been returned to taxpayers to assist with inflationary pressures.

Instead, City Council spent the entire surplus by noon. Do you agree with me that the budget surplus should have been used to lower the proposed 20% property tax increase (5% per year) in the 2023-2026 Budget?

Calgary City Council raised property taxes in March.

A median-priced Calgary home assessed at $485,000 would bear a combined property tax increase of $172 for this year.

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