Major ice and water damage hurt Badger in 2003 when the river backed up into the town, leaving behind a huge, frozen mess.
Flood waters are again nearing emergency levels and crews have been watching the river around the clock.
Mayor Mike Patey says it's hard to know what the river will do.
"She dropped back yesterday evening about a foot and a half, but she's back up again this morning," he said in an interview.
"She started rising again at 3:30 this morning. We're doing a reassessment of the situation."
He says town and provincial emergency officials will be providing an update later in the day.
Some residents have already started moving valuables out of their homes.
The province has issued an ice jam advisory and is implementing an emergency management plan.