COQUITLAM, B.C., Dec. 6, 2022 – Coquitlam plans to allocate more than $631 million over the next five years to a capital plan that takes care of core infrastructure while adding or upgrading facilities and amenities to meet future needs.
Updated each year, the City’s Five-Year Capital Plan invests in maintaining, building or acquiring City infrastructure such as buildings, roads, parks, equipment, technology, vehicles and utilities. Last night, Council adopted the Capital Plan for 2023 to 2027 that includes previously-planned capital expenditures along with $10.6 million in new funding, including projects that support the City’s efforts in responding to climate change, enhanced recreation amenities and utilities, and upgraded civic spaces, streetscapes and boulevards across the community.
Meeting the Needs of Today and Tomorrow
Almost $128 million of the Capital Plan is earmarked for 2023, with highlights including the expansion of Spani Pool and renovation of the Innovation Centre. In all, 22 per cent of 2023’s investments will go toward parks, trails and sports fields, 22 per cent to transportation, 16 per cent to facilities, about 16 per cent to drainage, water, sewer and waste utilities, and the remainder to land management and other assets.
Other projects rolling out over the Capital Plan’s five years include:
- Construction of the Northeast Community Centre and adjacent park and plaza;
- Initiatives totalling $1.15 million funded by a climate action provincial grant, including energy efficiency, fleet replacement and a new climate and energy manager;
- Completion of the Cedar Drive Upgrade Project, including relocation of the roadway, construction of a drainage and environmental channel, roadway lighting and a multi-use pathway;
- Upgrades to the Upper Victoria Drive trunk sewer and Pipeline Road (Guildford to David);
- Streetscape modernization in neighbourhoods across the city; and
- Various upgrades to civic spaces as well as investments in sports courts, bicycle parking and animal shelter improvements.
Sustainable Financing Approach
Each Five-Year Capital Plan is funded through a combination of developer fees and charges (Density Bonus fees, Community Amenity Contributions and Development Cost Charges), grants, property taxes and utility fees.
To ensure new or redeveloping neighbourhoods have the infrastructure and amenities they need, the City has developed funding strategies to bridge any cash flow gaps and ensure projects are funded without tax revenue. This involves using a combination of debt and City reserves, with full repayment from developer revenues or other non-tax revenue.
Examples in the Five-Year Capital Plan include Spani Pool, the NECC and adjacent park and plaza, the Cedar Drive project and the Upper Victoria Drive project.
Additional Capital Upgrades Funded by Non-tax Revenue
Coquitlam also tapped into non-tax revenue in 2022 for $3.13 million in one-time capital projects and purchases that address community priorities and provide an immediate benefit.
Projects that will be delivered through the City Initiatives Reserve included covered spectator seating at Cunnings Field, refurbishment of Maillardville’s clock Tower, accessibility improvements at signalized crosswalks, misting stations in public spaces, police outreach programs and equipment to help reduce speeding.
Items to be delivered through the Land Sale Reserve Investment Fund included Pinetree Community Centre lobby upgrades, new seating and furniture at various recreation facilities, new aquatics equipment, playground shade structures and City-wide sidewalk repairs.
Providing Amenities Amid Escalating Construction Costs
The pandemic and other economic factors have led to a major increase in construction costs, exacerbated by supply chain issues.
Within this environment, Coquitlam continues to plan and build amenities for current and future community needs. This work is supported by long-term financial planning – including the Five-Year Capital Plan for 2023-2027 – and overall strong fiscal responsibility.
City staff are continually working to enhance processes to deliver value, while minimizing disruption to the community. Coquitlam also maximizes funding sources that don’t impact local taxpayers, such as developer contributions and grants.
Media contact
Gorana Cabral
Director Finance
604-927-3038
gcabral@coquitlam.ca