FACT: The Build Kamloops projects are not over budget. What is often misunderstood is the difference between a project budget and a borrowing authorization.

The borrowing ask is not the project budget.

Borrowing authorization represents the maximum amount the City is approved to borrow to fund a project over its full construction period. It accounts for:

• Timing of grant receipts
  
• Cashflow requirements
  
• Debt issuance structure
• Interest and financing costs over time

By contrast, the project budget reflects the actual cost to design and build the facility, which includes construction, professional services, furnishings, contingencies, and escalation allowances. These budgets were established through extensive planning, validation, and third-party cost estimating.

Borrowing authority may appear higher than individual line items because it ensures the City has the financial flexibility to deliver the approved project without interruption, not because project costs have increased.

In the fall of 2024, the City obtained electorate approval of two borrowing bylaws to fund the construction of the Kamloops Centre for the Arts, the design and construction of an arena multiplex, and the advancement of other recreational facilities including a curling and racquet sports facility, an indoor field facility, and an aquatics centre, as well as a seniors centre or community space in conjunction with one of these.

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