Saint John council has unanimously approved the 2023 and 2024 capital budgets.

The general fund capital budget, approved Monday, is worth more than $62.5 million.

Councillor Gary Sullivan, who chairs the finance committee, said the budget aligns with the city’s financial, debt management, and capital renewal plans.

“We have 80 per cent renewal in this budget and only 20 per cent new items as we have to take care of the roof before we buy the couch,” said Sullivan.

Sullivan outlined that the budget is also benefitting from federal and provincial funding and will only create $18 million of new debt over the two years.

“It follows our debt management policy that will see our overall debt decrease, but there’s over $40 million in the next two years coming from other levels of government,” he said.

Mayor Donna Reardon shared her excitement for the multi-year budget.

“I love this budget. I like the new investments in it, the asset renewal in it, and it covers a lot of our priorities,” said Reardon.

Some of the new investments included in this budget include the reimagination of the Barbour’s General Store site, the redevelopment of Loyalist Plaza, and the Harbour Passage extension.

Common Council also unanimously approved the utility fund capital budget worth $27.2 million.

“The budget continues to focus on the renewal of assets to continue improving the status of the infrastructure deficit,” reads a city staff report.

“The work primarily includes replacement of infrastructure however there are also green initiatives at several facilities and the budget ensures alignment with the capital program in the General Fund.”