City’s operating budget proposes tax increase of 3.3 per cent for 2019
The city’s operating budget is proposing a property tax increase of 3.3 per cent for next year in order to cover the costs of, among other things, the Valley Line LRT, cannabis legalization, and Edmonton police. This means a $79 increase for a typical Edmonton homeowner with a property valued at $397,000.
The city released the proposed 2019-2022 operating budget on Thursday, and it calls for annual revenue and expenditures of $2.98 billion next year, increasing to $3.27 billion in 2022. The document goes to council on Nov. 7.
City manager Linda Cochrane said the capital budget — released last month — and the operating budget are part of “our overall commitment to imagining, maintaining and animating Edmonton.”
“This budget balances our aspirations for continued growth with the reality of fiscal and economic constraints.” The Alberta Energy Regulator is apologizing for a “staggering” presentation, made last February by one of its highestranking officials, that warned the province’s oilpatch that it could be sitting on an estimated $260 billion in financial liabilities.
The liability estimate factors in the costs of shutting down and cleaning up oiland-gas sites at the end of their usefulness. That includes inactive wells, pipelines and tailings ponds in the oilsands.
Premier Rachel Notley noted that the problem was significant.
She said the liabilities would be hard to address amid the “biggest oil price drops in generations,” adding that company practices have improved, but after decades of buildup, the existing problem is “not one that we can fix overnight.”
The details of the presentation, made by the regulator’s vice-president of closure and
OPPOSITION REACTS AT THESTAR.COM/CALGARY
liability Robert Wadsworth, riled up the Alberta and federal legislatures when made public in a report on Thursday by National Observer, Global News, the Toronto Star and StarMetro Calgary.
The estimated liabilities Wadsworth cited in his February