The $3.6 billion 2009-11 Capital Budget for tax-supported operations (excludes utilities) was unparalleled in our history, capitalizing on low interest rates, industry capacity and competitive labour costs. Cities can’t budget for operating deficits, but municipalities across Canada balanced operating budgets at the expense of infrastructure spending in the 1980s and 1990s. However, in the 2009-2011 Capital budget, Edmonton made dramatic steps during the right economic environment to slow the growth of our infrastructure deficit. The investments tackled a backlog of renewal projects and delivered new infrastructure that will provide direct benefits to all Edmontonians for years to come.
The level of spending in 2009-2011 accelerated key growth projects and focused aggressively on preventing our existing infrastructure from slipping to unsafe levels seen in other jurisdictions. From 2012-2014 the City will continue to advance important projects but at a reduced level of investment. The 2012-14 Capital Budget proposes spending $2.3 billion, roughly half on growth projects and half on renewal and maintenance projects. An additional $98 million is proposed for renewal projects that continue beyond 2014.