Committee okays rainy day fund withdrawal
Posted Nov 4, 2010 8:19 am.
This article is more than 5 years old.
A city committee has decided to let administration take money out of a rainy day fund to balance the books.
The Finance and Corporate Services Committee voted 5-3 day to allow bureaucrats to make a one-time withdrawal with no limit to balance the 2010 budget.
That budget has already been approved but could be headed for a shortfall by the end of the year.
Alderman Diane Colley-Urquhart voted against the decision.
She tells The Calgary Sun she’s frustrated because she doesn’t want to write a blank cheque to fix the budget.
The Committee’s decision would still have to be approved by full city council to take effect.
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