A key update to city council on the downtown arena has been postponed two weeks after costs on the schematic design ran over budget.

The July 4th update has now been moved to July 17th to ensure the project costs no more than $450 million.

"We did the detailed costing and it came in a little above that," said Rick Daviss, executive director of the downtown arena project.

"So we're saying, 'OK, what can we shave, what can we adjust to bring it back in line with budget?' We want to make sure we're there before we go to council.".

Daviss said the team will now make tweaks to a number of design features to see how they affect the cost.

For example, concrete could be used in place of terrazzo in some parts of the concourse and a less costly exterior material like stainless steel could be used instead of zinc.

Daviss says he's confident the revised costing will be ready for July 17.

"We really want to get this back on track and into development design before the summer break," he said.

Council will also get an update on legal agreements as well as what is happening with surrounding developments