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65 cents per Calgarian is still a ton of money for a mayoral race. It's easy to promise that you will spend less than 650,000 dollars on a municipal election--in a market this small you hit diminishing returns before you get to half of that.
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It does seem like a large number until you realize that Alnoor spent over a million of his own money on the last mayoral race. It certainly seems likely that in a race without an incumbent mayor running and 13 candidates that someone will push the million dollar mark in expenses.