Summary#

Council approved The City of Calgary 2025 Annual Investment Report on the consent agenda on May 26, 2026. The decision accepts the annual report; it does not change the City’s investment policy or create a new investment program. City staff say the annual report is intended to support transparency and oversight of the City’s investments.

• The report covers the City’s 2025 investment activity, performance, asset mix and compliance with legislation and City policy.
• At December 31, 2025, the City’s investment portfolio had a market value of $7,285 million.
• The portfolio returned 5.18 per cent net of fees in 2025; the report estimates a 5.02 per cent return including high-interest savings accounts (HISAs).
• City staff reported that investments complied with applicable legislation and City policy during 2025.

What it means for you#

• Calgarians and taxpayers: The decision approves a report, not a direct change to taxes, fees or services. Investment income contributes to City revenues and helps fund operating, reserve and other needs.
• City government: City staff will continue annual reporting through the Audit Committee and quarterly updates under the City’s existing Investment and Governance Policy.
• Council approved the item 15 to 0, without debate on the consent agenda.

Money#

The report records investment income and expenses for 2025; it does not approve a new spending amount.

• The Consolidated Investment Portfolio generated $452.9 million of income available for distribution.
• Investment income before expenditures and allocations was $490.4 million; investment management expenditure was approximately $37.5 million.
• The City’s portfolio market value increased by $193 million year over year. These figures describe 2025 results, not guaranteed future income.

What is unclear#

• The supplied material does not include the report attachments’ detailed asset allocations or breakdowns of income and expenditures.
• Future investment returns are uncertain; the report says market conditions affect both income and portfolio value.
• The materials do not specify how much of the reported income will go to particular services, reserves or other needs.

Case for#

• City staff say annual reporting gives Council and the public information on investment activity, performance and compliance.
• The $452.9 million in income available for distribution shows the scale of the portfolio’s contribution to City finances.
• City staff say diversification, oversight and risk monitoring are intended to preserve capital, maintain liquidity and support sustainable income.

Case against#

• The report identifies market, credit, liquidity, interest-rate and foreign-exchange risks; investment income and portfolio values can change with market conditions.
• The 2025 return does not establish what future returns will be, and the supplied summary does not show detailed performance by asset class.
• Investment management expenditure was approximately $37.5 million in 2025, a material cost alongside the income generated.