City of Calgary posts increased budget surplus of $276M for 2024

Karina Zapata · CBC News

· Posted: Apr 21, 2025 7:00 AM EDT | Last Updated: 11 minutes ago

Despite facing unexpected fiscal challenges past twelvemonth — including the catastrophic Bearspaw South feeder main interruption — the City of Calgary posted a fund surplus of $276 cardinal successful 2024.

That's $40 cardinal higher than the 2023 fund surplus, which rang successful astatine $236 million.

The bully news comes from a firm yearly fiscal study presented to metropolis council's audit committee connected Thursday.

The study attributes the surplus chiefly to "higher franchise interest gross owed to higher vigor prices, accrued concern income and expenditure savings crossed respective tax-supported services."

City medication has recommended putting the operating surplus into its rainy time fund, the fiscal stableness reserve.

Local entree fees

The metropolis received $182,175 successful section entree fees past year, down from $308,499 successful 2023.

It's projecting a further alteration successful gross from that interest this year, aft it changed however it's calculated successful effect to concerns astir affordability and rising inferior costs.

The section entree fee, sometimes called a franchise fee, works in lieu of a spot taxation to tally powerfulness instrumentality done the city.

Instead of being tied to the province's regulated complaint enactment — present called the "rate of past resort" — it moved to a consumption-based exemplary this year, charging customers based connected however overmuch powerfulness they use.

After years of important windfalls, Coun. Andre Chabot said 2024 is apt the past twelvemonth the metropolis volition spot a ample nett from that fee.

During the meeting, Chabot said they'll person to look astatine however to marque up for that nonaccomplishment of revenue, arsenic immoderate of the other currency goes to the city's reserve for aboriginal capital.

"We've changed our formula, and it's going to alteration again erstwhile we get an statement connected however we really operation that," said Chabot.

"We whitethorn person to look astatine the reserve for aboriginal superior arsenic good and what could lend to that connected a go-forward ground due to the fact that there's going to beryllium an expanding request to supplement that."

Surplus — and taxation increase?

Though Calgarians are facing an summation successful spot taxes contempt a increasing surplus, Coun. Evan Spencer — who chairs the audit committee — said helium doesn't judge Calgary is overtaxing its residents.

"We are not insulated from things similar inflation. We're not insulated from marketplace swings. We've had a full assortment of challenges, arsenic the City of Calgary," said Spencer.

"So no, I bash not judge the City of Calgary is overtaxing Calgarians successful immoderate agelong oregon form."

Chabot, however, said immoderate radical whitethorn not spot it that way.

He's pitching a $60-million concern from the fiscal stableness reserve for the Opportunity Calgary Investment Fund (OCIF), which was created successful 2017 to enactment section businesses and pull caller businesses to the city. He brought guardant that announcement of question past week.

"I'll beryllium looking astatine the national and provincial authorities to spot if I tin get them to lucifer those dollars again to make economical opportunity, economical improvement and diversification of our economy," said Chabot.

The yearly fiscal study volition spell to metropolis assembly aboriginal this month.