Calgary's top bureaucrat is already warning that 2018 could be a tough year for the city, with the slumping economy hitting on a number of fronts.

"A shortfall that we're having in terms of our franchise fees, the uncertainty around our dividend from Enmax, freezing of our rates and fees, our flat revenues everywhere else, and of course, the provincial finances have an impact in terms of grants and those types of awards that make us stronger financially," said city manager Jeff Fielding.

Preparation is key

Mayor Naheed Nenshi said he's optimistic that 2017 will be a better year in Alberta, and that the revenue dip facing the city for 2018 won't be as severe.

Still, he said it's prudent to plan for tough news, so the city isn't caught off-guard.

Fielding, despite his concerns, said the city is preparing.

"We have a strong management team. We know what our assignment is. We know how big the task is and we'll be reporting to council regularly in 2017 about the progress we're making," he said.