Audit of city budget reveals $147M surplus

Calgary's budget has been audited, and it turns out the city is now awash in a sea of black ink. Now councillors must decide what to do with a $147 million surplus. Monday, Mayor Jyoti Gondek rejected the suggestion that the surplus meant Calgarians have been overtaxed, saying that was a misreading of the city's financial levers. She said there were always variations in revenue because of constantly fluctuating assessed home values. The mayor asked her fellow councillors to keep essential servic