New €672m Capital Programme aims to 'transform' Waterford city and county in coming years

Elected members of Waterford City & County Council have formally adopted a transformative Capital Programme, totalling €672 million, which sets out a bold and balanced roadmap for development for the next four years.

The Draft Programme links long-term strategic projects identified in Council strategies with essential infrastructure across Waterford city and county.

Some of the plans which will influence the Programme include the Corporate Plan, City & County Development Plan, Local Economic and Community Plan, Climate Action Plan and Tourism Destination Experience Development Plan.

During a presentation from council executives, councillors were told the local authority will secure significant Government funding towards delivery of the Capital Programme in areas such as Housing and under grant schemes, such as the URDF and RRDF.

However, in most cases the Council will have to provide match finance and many projects do not attract any co-funding from national government.

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It is estimated that the Waterford City & Council will need to provide upwards of €83 million from its own sources over the next four years to finance the Capital Programme. This, elected members were told, will include reserves built up in recent years from prudent financial management and anticipated development levies to be collected.

Council bosses have indicated the local authority will also need to borrow to complete the Capital Programme, and in this regard the elected members approved in principle to put in place a facility of up to €20 million to be drawn down as needed to deliver other projects listed in the Programme, which will be reviewed annually.

It is hoped this blended funding approach will ensure that the Council can deliver on its ambitious Programme while maintaining financial stability.

In welcoming the adoption of the Capital Programme, the Mayor of Waterford, Cllr Jason Murphy said: “While we are ambitious to deliver transformational projects over the next four years such as the North Quays and our Housing for All targets to make Waterford an even better place, we also know that quality of life begins at street level. That’s why the Council has ensured that the Capital Programme includes a significant increase in investment in footpath upgrades, road maintenance and taking in charge of estates — essential services that enhance our placemaking credentials and directly impact our citizens every day.”

The Council’s approved Capital Programme spans five inter-connected themes, including strategic development projects, housing delivery, infrastructure upgrades, climate action initiatives and operational and corporate projects.