The City of Calgary is responsible for 42 per cent of the province’s municipal debt.

According to released financial statements, municipalities collectively owed $7.7 billion in 2011, a figure that has nearly tripled since 2004.

Some argue it’s just a symptom of good economic times, but others say it shows an imbalance of resources between Alberta and its municipalities.

Calgary’s debt has doubled since 2007, but its not the worst case in the province.

Grande Prairie is already at 75 per cent of its limit; racking up $148 million in debt building an arena, police station, library and multiplex.