Calgary lays down new reserve fund rules
Posted Jan 14, 2010 6:33 am.
This article is more than 5 years old.
The city is bringing in new rules to manage it’s reserve funds.
55 in total, the funds were worth $875 million at the end of 2008, according to the Calgary Herald, and will now be reviewed on a regular basis.
One-third of the funds will be done each year.
The city has recently come under fire for the size and necessity of the funds, after it was reported some of the reserves hadn’t even been looked at for a few years.
Earlier this year, council gouged $13 million from one of the funds to keep taxes in check – and another million went to help out with snow clearing.
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