Committee Approves Draft Two-Year Capital Budget

Saint John’s finance committee has approved the draft of a “groundbreaking” two-year capital budget.

The proposed $50.6-million budget, approved last week, is the first multi-year capital budget for the city.

“It’s kind of groundbreaking,” said Coun. David Merrithew, committee chair, during Thursday’s meeting. “We should be doing longer, but this is our first two-year capital budget.”

The budget for 2020 and 2021 focuses heavily on asset renewal in order to help address Saint John’s large infrastructure deficit.

Kevin Fudge, the city’s finance commissioner, said it leverages significant funding from other levels of government.

“Out of this $50-million, two-year capital budget, $29 million is proposed to come from other levels of government for programs that are aligned with the city’s strategic investment priorities,” Fudge said.

Seawall Refurbishment

One of the biggest projects is the $8.2-million Fundy Quay seawall refurbishment, which will be split between the city and the federal government.

The budget also sets aside money for the Central Peninsula Neighbourhood Plan, the deep energy retrofit program, and phase one of the district energy project.

“$50 million worth of prioritized capital work — growth-focused, climate-focused, a number of really great projects here — with the city’s share being $21 million, well done,” Mayor Don Darling said to city staff.

City staff said the budget also aligns with the draft 10-year capital plan, which will come before council later this year.