Edmonton holds off on capital projects

Avatar photo

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.

Avatar photo

Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry.

Have your say

This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.