'Bill is coming due': Farkas vows fiscal discipline as Calgary faces $50B infrastructure deficit
Shortfall "will not disappear" in single budget or council term, but mayor says delaying necessary work will only drive costs higher
Mayor Jeromy Farkas of Calgary outlined his strategic approach to addressing the city's budgetary challenges during a recent State of the City address. Faced with the need to invest $50 billion over the next decade to resolve decades-old deferred decisions, Farkas emphasized that the "bill is now coming due." This upcoming budget cycle must prioritize essential infrastructure improvements, population growth, and economic stability.
Farkas stressed the importance of "fiscal discipline," which entails prioritizing "what we need" over "what we want" and finding savings to avoid excessive taxpayer burden. He highlighted that property tax increases could reach up to 20.2% by 2027, and the city is already exploring ways to minimize this impact. City councillors are considering funding requests for sidewalk renewal and public tree canopy projects, with potential debt financing as a strategy to lessen the immediate tax burden.
Farkas stressed that council must make tough decisions, focusing on core infrastructure and safety before addressing less urgent needs. The final four-year budget will be unveiled in November, ready for council deliberations.
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