Vancouver City Council has approved adjustments to the 2023-2026 Capital Plan during today’s mid-term update, increasing the total Capital Plan budget by approximately $139 million. The mid-term update adjustment increases the total 2023-2026 Capital Plan budget from approximately $3.7 billion to $3.8 billion.
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 key highlights from the mid-term update include:
Parks and Public Open Spaces: Funding for parks and public open spaces has increased from approximately $219 million to $228 million. Key projects include new parks in East Fraser Lands, Killarney Park upgrades and a new spray park at Ross Park.
Arts, Culture and Heritage: Funding for arts, culture, and heritage has increased from approximately $191 million to $228 million. Significant investments include the 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.
Community Facilities: The 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.
Public Safety: The public safety budget has increased from approximately $113 million to $151 million, ensuring the renewal and expansion of key firehalls and the procurement of new vehicles and equipment for Vancouver Fire Rescue Services.
Streets: Funding for streets has increased from approximately $391 million to $597 million. These funds will support renewal and reconstruction of aging street infrastructure including sidewalk improvements, traffic signal upgrades, and new and expanded bike lanes.
More details of the 2023-2026 Capital Plan Mid-Term Update can be found in the report PDF file (995 KB) submitted to Vancouver City Council.