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News Release

ARTICLE (14 OF 19)

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Wednesday, February 15, 2012

Vancouver Council Approves $255 Million Capital Budget
By City of Vancouver

VANCOUVER - On February 14, Vancouver City Council approved $255 million in capital expenditures for 2012 for public amenities that include affordable housing, community centre development, park upgrades, library development, and transportation and sewer infrastructure. Capital expenditures are needed to maintain existing assets in a state of good repair and provide new facilities and infrastructure for the city.Key highlights of the 2012 capital budget include:

  • $15.6 M for walking and cycling improvements throughout the city;
  • $7.1 M for new and improved childcare facilities, with the goal of adding approximately 150 spaces a year over three years;
  • $6.9 M to increase the supply of affordable housing and upgrade existing housing;
  • $7.3 M for libraries and archives, including design development for a new library in DTES/Strathcona; and,
  • $5.74 M for cultural facilities including building maintenance at Vancouver Maritime Museum and underground vault repairs and plaza upgrade at the Vancouver Art Gallery.

Transportation and public works constitutes the largest part of the City’s capital budget at $52 M and $81.9 M respectively. This includes:

  • $33 M for roads including bearing replacements on the Granville Bridge and planning of the Powell Street overpass;
  • $14.8 M for waterworks including water-main replacement program;
  • $42.3 M for sewers which includes replacement of existing sewer pipes as part of the Main Sewer Separation Program; and,
  • $23.4 M for solid waste including section closures and gas capping of the landfill.

Complete details on the 2012 Capital Budget are available at vancouver.ca

The Capital Budget is the third step in the City’s new capital program. The first two steps were presentation of the 2011-2021 Capital Strategic Outlook to Council and Boards in June and July 2011 and approval of the 2012-2014 Capital Plan by Council in September 2011. The plebiscite questions on borrowing were approved by electors in November 2011.

Changes for the 2012 capital budget process include:

  • Providing a multi-year perspective with the inclusion of a two-year forecast (2013-2014) to supplement the one-year budget (2012); and
  • Aligning the capital budget with what is physically and financially achievable by the end of 2012.
     

 

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