FIN-2021-60 - 2022 Capital Budget and 10-Year Forecast

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StaffReport` Financia! Services Department www. kitchener. ca REPORT TO: Finance and Corporate Services Committee DATE OF MEETING: November 29, 2021 SUBMITTED BY: Ryan Hagey, Director of Financial Planning, 519-741-2200 ext. 7353 PREPARED BY: Ryan Hagey, Director of Financial Planning, 519-741-2200 ext. 7353 WARD(S) INVOLVED: All DATE OF REPORT: November 4, 2021 REPORT NO.: FIN -2021-60 SUBJECT: 2022 Capital Budget and 10 -Year Forecast RECOMMENDATION: For discussion. Note: Final approval of the 2022 Capital Budget & 10 -Year Forecast will take place as part of Final Budget Day, scheduled for December 16, 2021. REPORT HIGHLIGHTS: Kitchener is Moving Forward on shared community priorities, as many of the constraints experienced throughout much of the pandemic begin to lift The Capital Budget includes $1 M of unallocated funding with investment options in the areas of affordable housing, facilities infrastructure gap, and community trails. The Capital Budget and 10 -Year Forecast includes total planned investments of $1.413, with $134M expected in 2022 EXECUTIVE SUMMARY: The City of Kitchener's proposed 2022 budget is about Moving Forward on our shared community priorities. This budget builds on investments made in each of the five goals outlined in our 2019-2022 Strategic Plan, and resumes the long-term capital investments in our infrastructure that will ensure consistent, reliable services to meet the needs of a rapidly growing city. As we begin to emerge from the pandemic, it's important to reflect back on what we have accomplished together as a City over the past few years, while Moving Forwardwith a focus on economic recovery, responding to community needs, supporting a growing city, and maintaining our commitment to core services and infrastructure that citizens rely on. In addition to planned spending already included in the 2022 Capital Budget, there is also an opportunity to invest more in areas of importance to the community, namely affordable housing, reducing the City's facility infrastructure gap, and community trails. Through the budget process, Council will decide how much additional funding to allocate to each of these areas. *** This information is available in accessible formats upon request. *** Please call 519-741-2345 or TTY 1-866-969-9994 for assistance. Page 3 of 199