2025 Proposed Capital Budget

Due to funding constraints, not all capital submissions for future years can be included in the Plan. A summary of submissions that are not recommended for funding is provided in Appendix 14. One of the key projects is Lulu Island Park, envisioned as the City’s premier waterfront park in the City Centre area. This park development will be funded through the Parks DCC Program. All necessary parkland acquisitions were completed in 2024, funding for the Park Master Plan has been secured, and $2.75 million is allocated for detailed design work in the 5-Year Capital Plan. Construction will be phased, with capital cost estimates to be refined during the detailed design stage. As the DCC funding depends on the timing of new developments, and future funding availability cannot be precisely determined, the City has adopted a conservative approach in projecting DCC funding for future years. Consequently, capital submissions for the construction of Lulu Island Park’s Phase 1 and Phase 2 in 2028 and 2029 are not included in the 5-Year Capital Plan due to funding availability. Any future capital submissions that are currently excluded from the Plan may be reconsidered and potentially recommended in future budget cycles, as priorities, asset conditions, cost escalations, and funding availability are continuously reviewed. All capital submissions will be subject to final approval in each subsequent year.

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