VANCOUVER – Vancouver City Council has approved adjustments to the 2023-2026 Capital Plan during its mid-term update.
The mid-term update adjustment of $139 million increases the total 2023-2026 Capital Plan budget from approximately $3.7 billion to $3.8 billion, a release said.
“These adjustments ensure the city can continue to deliver on existing projects, manage emerging capital needs and address cost escalations without impacting property tax or utility rates. The increase to the Capital Plan is funded through a combination of additional partner funding and reserve funding,” the release said.
Highlights from the mid-term update include funding for parks and public open spaces increasing from approximately $219 million to $228 million, with key projects including new parks in East Fraser Lands, Killarney Park upgrades and a new spray park at Ross Park.
Community facilities funding has increased from approximately $272 million to $389.5 million, with additional funds allocated for critical maintenance and upgrades, including the Britannia Community Centre and Kits Pool, the release said.
Funding for streets has increased from approximately $391 million to $597 million and will support renewal and reconstruction of aging street infrastructure including sidewalk improvements, traffic signal upgrades, and new and expanded bike lanes.
The update also included arts, culture and heritage funding, which has increased from approximately $191 million to $228 million.
Significant investments include renewal and expansion of the PNE Amphitheatre and urgent maintenance at the Orpheum Theatre and Firehall Theatre.
Council also directed staff to seek to allocate up to $10 million in the 2027-2030 Capital Plan for the renewal and expansion of the Firehall Theatre and to identify potential funding to update the theatre for accessibility as soon as possible, the release said.
The public safety budget has also increased from approximately $113 million to $151 million for renewal and expansion of key firehalls and procurement of new vehicles and equipment for Vancouver Fire Rescue Services.
The 2023-2026 Capital Plan Mid-Term Update report submitted to Vancouver City Council is available here.
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