![Vancouver 2015-2018 Capital Plan proposes major investments](https://assets.dailyhive.com/assets/2.3.18/static/pictures/nav/channels/news-nav-2x.jpg)
The City of Vancouver’s draft 2015-2018 Capital Plan, which will be presented to Council on July 9, identifies $1.08 billion of capital investment priorities for the City for the next four years with a focus on affordable housing, childcare, and transportation.
Highlights from the draft plan:
- The addition of 2,550 non-market housing units
- 1,000 new childcare spaces
- The addition of three new parks for Downtown South, Marpole, and East Fraser Lands
- A variety of transportation investments that will prioritizes the safe, comfortable, and efficient movement of pedestrians, cyclists, transit users, and trucks/train
Renewing existing infrastructure
$730 million, or two-thirds of the 2015-2018 Capital Plan, invests in the renewal of existing city infrastructure, including:
- Britannia Community Centre
- Fire Hall #17 at Knight and 54th Avenue
- 60 km of sewer separation
- 10 km of sidewalks
- Sport fields
- Sport courts
Guided by the 2015-2024 Capital Strategic Outlook, the main goal of the capital planning process is to develop a capital investment plan which balances the needs to:
- Maintain infrastructure and facilities in an appropriate state of good repair
- Optimize the network of public amenities to best serve residents and businesses
- Advance Council and community priorities within the City’s long-term financial capacity
The recommended $1.08 billion plan includes the following investment proposals:
- Affordable housing: $125 million
- Childcare: $30 million
- Parks, open spaces, and recreation: $125 million
- Libraries, social, and cultural facilities: $40 million
- Transportation: $150 million
- Utilities and public works: $325 million
- City facilities, including public safety facilities: $15 million
- Facility maintenance and renovations: $65 million
- Equipment and technology: $115 million
- Emerging priorities and inflation contingency: $95 million
Based on the City’s capital spending rate of $250 million – $270 million per year, the 2015-2018 Capital Plan will be funded from:
- $400 million debenture borrowing
- $155 million pay-as-you-go (including $90 million capital from revenue)
- $530 million of other funding from the City (e.g. reserves)
- Other orders of government and community partners
The Capital Plan and its corresponding annual budget is then combined with the operating budget, which sets the spending targets for the day-to-day operations of the City, to form the overall budget for the City which is presented to Council in December.
Feature Image: Vancouver City Hall via Shutterstock