The Regional Municipality of Wood Buffalo council has voted for a cost reduction with the first phase of the Twin Arenas project. This change came about because of the review of capital projects made necessary due to falling oil revenue and lower oil prices on the global market. The Northside Rec Centre saw a total cost reduction for phase 1 which was a little more than 17% at $7.3 million. Now it is up to the Regional Recreational Corporation to determine how these savings can be achieved. The council members expressed confidence that the cost reductions are possible given the current depressed economy. Councilor Keith McGrath commented “I believe it’s something that’s achievable. This economic climate has certainly changed in the last three months. One of the ways we can is through an open book contract … Show us your real costs.”

The Twin Arenas project was just one of many projects that was reviewed by the Regional Municipality of Wood Buffalo council. Since the area is an oil boom town the impact of lower oil prices is more significant. The reliance on the energy industry in the area can make long term planning and fund allocation more difficult for the municipality. Mayor Melissa Blake stated that contractors have talked about a project cost decrease that is usually 20%-30% because of the economic condition right now. Blake said “I’m hopeful that this council has been prudent in this decision as well and that we’ll be actually able to have evidence of that.”