Calgary Minute: Financial Transparency, Investment Portfolio, and the Opportunity Calgary Fund

Calgary Minute - Your weekly one-minute summary of Calgary politics

This Week In Calgary:

• On account of the Easter holiday, Council is in recess this week. Meetings resume on Tuesday, April 29th.
  
  
• Calgary is updating its waste collection schedules to accommodate growing neighbourhoods, with changes taking effect on April 22nd. Residents are encouraged to check if their blue, green, or black bin pick-up days have shifted. Weekly green bin collection will resume next week to support spring yard clean-up. The City recommends using the My Garbage Day App or heading online for updated schedules and reminders.
  
  
• Councillor Andre Chabot is proposing to allocate $60 million from the City's fiscal stability reserve to continue funding the Opportunity Calgary Investment Fund (OCIF) through 2028. The fund, launched in 2018 with $100 million, has generated nearly $900 million in new investments, supported over 1,000 companies, and helped create more than 3,000 jobs. Chabot’s plan includes annual $15 million withdrawals and a requirement for yearly progress reports from Calgary Economic Development. With only $6.8 million left in the fund, Chabot and Mayor Jyoti Gondek argue that replenishing it is essential for attracting talent, boosting the economy, and building resilience. The proposal passed a technical review and will go to Council for debate on April 29th.

Last Week In Calgary:

• The City of Calgary received a D+ grade for financial transparency in a new report from the C.D. Howe Institute. The report criticized Calgary for using different accounting standards in its budget and financial statements, making them harder to compare. The City’s score dropped from a C+ the previous year, placing it behind Edmonton, Vancouver, and Winnipeg. Councillor Sonya Sharp called the result a red flag, while Mayor Jyoti Gondek said the feedback offered a chance to improve.
  
  
• While the accounting standards might be lacking, the City’s actual financial position is very healthy - some might say too healthy. While the City’s expenses grew by 7% to just under $5 billion - far exceeding inflation - the City’s revenue grew by even more, to almost $6.1 billion. That’s left a giant surplus of more than $1.1 billion - or almost $1,000 for every single Calgarian. Total City reserves now sit at over $4 billion - or almost $4,000 per Calgarian. The City is still planning more tax hikes next year though!
  
  
• Below-ground construction officially began on Calgary’s new arena, Scotia Place, marking a major step forward for the project. Crews started pouring concrete and installing rebar at the 10-acre site, with excavation nearly complete. Despite tariff concerns, officials said the project remains on budget and on schedule. Contracts were awarded to Canadian firms where possible, though some components still needed to be sourced from the US. The arena is set to replace the Saddledome and anchor Calgary’s emerging entertainment district.

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