THE City of Sydney will spend $28.5 million on new bike lanes in the CBD as part of a near $1.94 billion building and construction program.

As part of the cycleway works $9 million will be spent upgrading Castlereagh Street and $5.1 million on Liverpool Street. There will also be the creation of a T2 bicycle and community hub at Taylor Square at a cost of $7.8 million, to be funded over the next two years.

media_camera Cyclists at Taylor Square where a bicycle hub will be built at a cost of $7.8 million.

media_camera Lord Mayor of the City of Sydney Clover Moore will spend $28 million on new cycleways.

A total of $440 million has been set aside for the emerging suburb of Green Square which will get a new town centre with a library and plaza as well as an aquatic centre and sports field.

The former South Sydney Hospital will also be converted into modern community facilities.

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The city will spend $220 million to transform George St and connect laneways as part of the light rail project, $240 million on upgrading public areas and $130 million on the city’s park.

New child care centres will be built at a cost of $53 million.

Along with the building program, the budget, which was endorsed by the council on Monday night, also includes a $106 million annual operational surplus.

Lord Mayor Clover Moore said the 10-year financial plan was an investment in the city’s liveability, economy, tourism, open spaces and cultural life.

media_camera There will be $220 million spent on George Street as part of the light rail project.

“Almost 40 per cent of all additional jobs in metropolitan Sydney in the last five years were created in the City of Sydney,” she said.

“Our rate of employment growth is double that of the rest of Sydney. We are also one of the fastest-growing residential areas in NSW.

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“Attracting new businesses and jobs doesn’t happen by accident — it takes careful planning and investment.

“Five years ago, less than 50 per cent of our residents lived and worked in our local area — that figure has now increased to 65 per cent.

“By creating a city where people come first, we’ve seen that jobs and new businesses also follow.”

media_camera Clover Moore’s City of Sydney Council will spend $28 million on cycleways.

media_camera The council has allocated $37 million to integrate the Barangaroo development with Miller’s Point.

Some uncertainty remains, however, over the future of a May 2013, $55 million pledge to fast-track six new childcare centres across the city.

Budget papers have made provision for a spend of just $23 million of these funds over the next four years.

Labor councillor Linda Scott said the omission was tantamount to “a cut from our existing commitment to childcare”.

“At the moment there are thousands of children in the City of Sydney whose parents cannot find them a place,” she said.

Council’s chief executive officer Monica Barone said the mark down in spending was not a departure from council’s commitment.

“The $55 million pledge is still intact,” she said.

“It’s just that now we think we can deliver these new childcare centres for less.”

Major projects to be delivered over the next 10 years:

* $440 million for Green Square, which includes a new town centre with a library and plaza, an aquatic centre and sports field, and the conversion of the former South Sydney Hospital into modern community facilities;

* $220 million to transform George Street and connect laneways as part of the light rail project;

* $240 million to upgrade public areas such as footpaths, roadways and paving — including $51 million on granite paving for footpaths in the city centre;

* $130 million to upgrade the City’s parks and green spaces, including $11.7 million on Perry Park and $13.6 million on Johnstons Creek and Harold Park in Glebe;

* $53 million for new child care centres;

* $37 million to integrate the Barangaroo development with Millers Point;

* $27 million refurbishing pools including $4.8 million on Cook and Phillip Park Pool and $4.3 million on Victoria Park Pool, and

* $21 million on public art.

media_camera Cook and Phillip Park swimming pool will receive $4.7 million as part of the $27 million allocated to refurbishing pools.

In the next financial year the City will invest $245 million on projects that include:

* $28.5 million on new bike lanes, including $9 million on Castlereagh Street and $5.1 million on Liverpool Street;

* $6.2 million upgrading CBD laneways;

* $6 million upgrading Crown Street with wider footpaths improving walking and outdoor dining;

* $2 million on planting new street trees;

* $3 million on public areas in Chinatown;

* $4.1 million on upgrades and improvements to small parks and playgrounds; and

* $5 million improving streetscapes in Darlington and King Street in Newtown.

The City’s integrated plans, including the 2014/15 budget and long term financial estimates, will be on public exhibition until 11 June.