CEO, Chamber Statement, City of Edmonton, News, Policy

Debates on Edmonton’s city budget start on Monday, December 2nd, and while the Edmonton Chamber acknowledges City Council’s efforts on addressing Edmonton’s challenging finances, we are concerned about the proposed increases. Relying on consistently high property tax increases to address a projected $34M deficit—such as the proposed 8.1% for 2025— will continue to burden families, businesses, and community organizations while eroding Edmonton’s competitiveness.  

Without immediate action and longer-term strategic investments, Edmonton risks falling further behind relative to other major urban centres in Canada. This has the potential to erode our city’s affordability advantage, impair business profitability, and discourage business investment – all of which will impact the attractiveness and competitiveness of our city. We remain cautiously optimistic that Mayor Sohi and City Council will find further savings and reduce this years’ proposed tax increase, and we remain committed to working together to find sustainable solutions. 

At our press conference on Wednesday, November 25th, we emphasized the importance of taking immediate action to address the city’s financial circumstances while also considering longer-term strategic investments. Immediate actions include establishing a fiscal taskforce composed of business and community leaders who will conduct an in-depth review of the city’s budget. Strategic investments would be targeted funding initiatives designed to generate economic growth, attract investment, and expand the city’s revenue base. These measures are essential for reducing the long-term tax burden on residents and businesses by building a more resilient and prosperous economy. 

We want to reiterate: 

1. Our advocacy is rooted in a commitment to fiscal responsibility. The recommendations we’ve presented to City Council offer short, medium, and long-term strategies to address the city’s financial challenges. These include identifying opportunities to realign spending, collaborating with the business community to evaluate core services, and prioritizing investments that will generate measurable returns. 

1. We are not asking for $1 billion. Our Downtown Investment Plan (DIP) outlines a $427-million funding request to support Edmonton’s downtown revitalization. This is a ten-year plan with funding intended to come from all three orders of government—municipal, provincial, and federal—not solely from the City of Edmonton. Further, the DIP prioritizes short, medium and long term actions. There is no immediate request for a full funding envelope through the current budget cycle.

The Edmonton Chamber remains committed to working collaboratively with Mayor Sohi and City Council to ensure Edmonton’s fiscal future is secure and sustainable. We have requested to meet with Mayor Sohi and his team to further our conversations on our balanced approach. We know that strategic investments in key areas that generate economic growth, coupled with responsible financial planning, will reduce long-term pressures on taxpayers. 

To learn more about our advocacy on the city budget, our members perspectives, and our suggestions, please visit: Edmonton's Municipal Budget - Edmonton Chamber of Commerce.

Media can contact Director of Public Relations, Akanksha Bhatnagar, at media@edmontonchamber.com.