An update on the city’s 10-Year Capital Plan spells out that investment over the next few years will not be “not business as usual.”
“We’re reminded daily of the economic challenges we face stemming from supply chain challenges, labour shortages, inflation, and rising interest rates,” said Joel Shaw, infrastructure and engineering manager with the City of Kelowna. “All this comes as we emerge from a two-year pandemic.”
The city plans to invest close to $1.6 billion in infrastructure to support growth, improve services, renew existing assets, and address the impacts of climate change over the next 10 years. Some of the bigger investments include transportation ($307M), buildings ($290M), parks ($248M), and the airport ($237M).
Approximately 40 per cent of the $1.6 billion will come from external sources including Development Cost Charges and grants. The rest will come from city sources such as general taxation, reserves, as well as borrowing and utilities.
“We’ll need to be innovative, flexible, and strategic in our approach to capital,” added Shaw. “We have been through challenging times before…I’m confident we can weather the current economic challenges and continue to deliver world-class infrastructure.”
Coun. Gail Given was appreciative of staff’s efforts in putting the plan together.
“We have a staff that has brought forward such an easily understandable and robust plan that allows us to make the changes as we go forward. I don’t think if we started out four years ago, anybody would have predicted a 30 per cent increase in costs in one year.”
Council received the report for information.