Port Moody’s annual five-year financial planning process is a major undertaking, and the results impact every resident and business in the city. Mayor and Council want to hear what you think about the proposed budget. Hear about our budget process first hand at a Committee of the Whole meeting:
When: Tuesday, January 31, 2017. Presentation starts at 7pm
Where: Inlet Theatre, 100 Newport Drive, Port Moody
Watch a short video on how your taxes are calculated
Curious about how your property taxes are calculated and what your recent Assessment Notice means for you? This short video explains how the property tax calculation process works.
What’s driving the budget?
Typically the level, scope and breadth of the services requested by taxpayers are key budget cost drivers. Service increases are driven by:
- Population Growth, which requires more assets in the form of equipment, facilities, materials, supplies and infrastructure, and more staff resources using those assets to deliver the services.
- Increased Activity, where there is a growing number of people of all ages and genders active in the community.
- Population Diversity, which means looking at a wider scope of services than traditionally provided.
Significantly for 2017, the decommissioning of the electrical generating capability at BC Hydro’s Burrard Thermal power plant has resulted in the loss of a $1.34M grant contributing to the proposed 2017 tax increase. The Burrard Generating Station was converted to a Synchronous Condenser Station effective April 1, 2016 and will continue to provide voltage support to the BC Hydro transmission and distribution system throughout the Lower Mainland but no longer maintains electrical generating capacity.
Download our Budget Booklet for a guide on how the City of Port Moody operates and manages its finances.