Conversion of the former John Tod elementary school into a community centre comes with a $1.8-million price tag, but the vision put forward at community consultations is double that.
A report going to City council Tuesday gives council a couple of options for funding the $1.8 million, which includes $1.5 million from the City and $300,000 in federal grants.
"The report talks about $3.6 million, that's a concept the community group working with parks and recreation have developed. We don't have any of those funds, we don't have a financial strategy for any of that," City finance director Sally Edwards said Friday.
The lower amount is in the City budget.
The Boys and Girls Club and the Kamloops YM/YWCA, the two main tenants for the new community centre, are each obligated to contribute $250,000 toward the project, but neither has the funds readily available, said Edwards.
The Y has agreed to a loan from the City that will be paid back in $50,000 a year increments, but the Boys and Girls Club has not yet committed.
The plan to revamp the former elementary school that closed three years ago came after consultation with the community and various potential user groups.
The Boys and Girls Club is currently in a City-owed building on McArthur Island, but it is in need of major renovations and the City plans on closing it.