EDMONTON, Alta. — A wonky stock market may mean Edmontonians will have to wait a few years before planned road projects come to fruition.
Edmonton Mayor, Bill Smith, is warning the city’s residents to expect budget cuts in the not-too-distant future, thanks to the poor performance of Edmonton’s Ed Tel investment fund.
“Otherwise you’re going to be talking about a six, seven or eight per cent tax increase, which is totally unacceptable to all members of council,” says Smith.
The Ed Tel fund generally provides a $40-million dividend, however, this year it has plummeted by $31 million. That has the city scrambling to reduce expenditures by $5 million and it’s likely road projects will be put on the back burner.
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