City announces 10-year capital plan
St. John’s City Council has approved its first Ten Year Capital Plan, which forecasts the City’s capital needs from 2015 to 2024. The consolidation of capital requirements for this period across all City departments totals $1.25 billion.
“In 2012 Council adopted a move to a three-year budget cycle to enable the city to take a longer term outlook with regard to city programming,” explained Councillor Danny Breen, Chair of the Standing Committee on Finance and Administration. “Capital investments, however, lend themselves towards plans well beyond three years, not only due to the number of years often required to complete them but also because of their impact on the operating budget.”
“The plan approved today will serve to enhance the quality of the upcoming three year budget and make a strong link between the capital and operating budget forecasts,” said Councillor Breen.
The Ten Year Capital Plan includes some significant investments in City buildings, parks and recreation facilities, roads, bridges, water and sewer, with the largest portion allocated to core, municipal services:
- Roads and Bridges, Water and Sewer: $805,800,000 (78 per cent of total, projected capital costs)
- Parks & Recreation: $112,300,000 (11 per cent of total, projected capital costs)
- City Buildings: $88,500,000 (9 per cent of total, projected capital costs)
“We are pleased by the work staff have undertaken to create this comprehensive plan for the next ten years,” said Mayor Dennis O’Keefe. “The City’s recently released corporate strategic plan supports the evolution of budgeting with a longer-term focus. With this plan now in place, we look forward to hearing from our residents on their priorities for the next three-year budget.”
Media Contact:
Kelly Maguire
Media Relations
City of St. John's
709-576-8491
kmaguire@stjohns.ca