Calgary's debt would rise from $3.8 billion to more than $10 billion by 2030 under draft budget

Calgary's debt would rise from $3.8 billion to more than $10 billion by 2030 under the city's draft four-year budget, which council begins debating on Nov. 23. The $21-billion capital plan includes $2.9 billion in new tax-supported debt for projects such as the Green Line LRT, water plant upgrades, buses and roads. Calgary would reach 80 per cent of its debt limit, up from 43 per cent this year. By 2030, about $50 million a year in property tax revenue would go to servicing the new debt. Mayor Jeromy Farkas defended borrowing for long-lasting assets, while some councillors expressed concern.