Why does #yeg have more debt per person compared to other cities?
It's not a simple answer but we can start answering that question by going back to 2005 when the council of the day started borrowing money to build some of the projects listed in the image below. #yegcc #yegbudget

Looking at the list, I’m not sure I see many projects that I would define as a ‘pet project’. Even though I may have minor complaints about a few others, including the arena deal, I would find it hard to say that the majority of those projects were not needed.

But we have to recognize that our economic climate in our city has changed and our approach to budgeting cannot be the same. Therefore, we have to understand that while we don’t want to stop investing in critical infrastructure, we can’t keep increasing taxes at the same rates.

There has been a downward trend that started in 2017. In 2017 & 2019 we had the lowest tax increases in a decade. For 2020, we saw the lowest increase in 23 years and for 2021, we are likely to see no tax increase (0%) for the first time in 24 years.

It’s easy to pull out a specific number from the audit and post it online without context. It is true that our debt has grown over the last 20 years. But providing that type of information without context does not help allow for a proper conversation about our fiscal position.

For more detail about this discussion, please review the blog post below and read through the audit report, listen to the discussion, and review the response from our Administration so that you can fully understand Edmonton’s financial position. https://www.andrewknack.com/edmontonfinancialposition/