Quarterly Capital Budget Adjustments
Motion 6 · Council Meeting, November 15, 2022
Summary
- Council is asked to approve quarterly adjustments to the City's capital budget, resulting in no net change to the overall 2019–2022 Capital Plan (valued at approximately $2.9 billion) but an $18.0 million increase to multi-year capital project budgets.
- Key reasons for adjustments include cost escalations (notably for the West Fraser Lands childcare project due to higher material and shipping costs), receipt of new external and development funding (e.g., for Water & Sewer Connections, Burrard Bridge Structural Reviews via the Sen̓áḵw Development partnership, and a future youth centre), emerging technology needs, and revised project scopes (e.g., Marpole Civic Centre renewal and Cambie Corridor Complete Streets).
- Additional adjustments outside the Capital Plan include initiating procurement for end-of-life fleet replacement, design work for Vancouver Landfill Phase 5 closure, and completing remaining scope for Landfill Phase 4 closure and gas works projects.
- Council is also asked to approve the closeout of three completed capital projects with surpluses exceeding $200,000, and to receive for information the surplus/deficit details for voter-approved capital projects completed this period.
- The total approved multi-year capital project budget across all open projects currently stands at $2.4 billion; the net effect of this report's adjustments results in a decrease of $76.1 million when closeouts are factored in.
- Staff and the City Manager recommend approval of all proposed adjustments and closeouts.