Council approves Capital Plan; major investments in housing, parks, transportation
Vancouver City Council approved the 2012-2014 Capital Plan today, which identifies investment priorities for the City of Vancouver over the next three years.
The recommended $702 million plan includes the following investments:
Community Facilities: $79 million
Parks and Open Spaces: $39 million
Housing: $60 million
Public Safety: $13 million
Transportation: $154 million
Utilities and Public Works: $228 million
Civic Infrastructure: $95 million
Emerging Priorities, Inflation Contingency and Overhead: $34 million
The plan was developed through a comprehensive capital process that began with a first-ever 10-year strategic outlook of the City’s capital assets. The final plan was revised to reflect input from the public consultation process on the draft plan that occurred throughout summer 2011. Public feedback showed support for a capital plan that prioritized investing based on a financial target of $700 million in these top priority areas: housing, public safety, transportation, community facilities, and parks and open spaces.
Some highlights from the approved plan include:
$18 million over the next three years to maintain, upgrade and rebuild existing affordable housing owned by the City and $42 million to create new affordable housing;
$36 million for parks, including two turf fields at Empire Field;
$24 million for libraries, including the construction of a new library in Downtown Eastside-Strathcona;
$16 million for safe walking and cycling infrastructure;
$11 million for maintaining and expanding childcare facilities; and,
Construction of the Powell Street overpass, a $48 million important goods movement project in partnership with railway companies, Transport Canada, the Port and the City.
The plan is composed of $702 million of expenditures, with $391 million from debenture borrowing and Capital from Revenue. It outlines the capital assets and investments required to maintain them, anticipated funding sources and priorities for funding across areas of need.
The plan aligns with key community, City Council and Park Board priorities, addressing growth-related needs, as well as investing in renewal and repair of existing infrastructure while reducing the dependency on debenture borrowing. The plan also balances capital needs with fiscal prudence and mitigating long-term impacts to taxpayers.
Staff will report back to Council by October 4 on the proposed borrowing authority questions that will appear on the municipal election ballot on November 19, 2011.
Following approval of the plan by voters, a budget would be developed for 2012. The 2012 Capital Budget will be brought forward in the New Year, providing approval for funding specific projects aligned to the Capital Plan.