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Council receives report on 2019 Budget Consultation on Tuesday, March 19, 2019

City staff will present a report on the 2019 Budget Consultation (Item 4.4) at a March 19, 2019 Finance Committee Meeting. The meeting starts at 6pm in Council Chambers, 100 Newport Drive or you can watch the Finance Committee meeting live.

Budget Consultation Results
We'd like to thank all Port Moody residents and business owners/operators who took the time to submit a feedback form. View the consultation summary and read all comments submitted.
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 The City of Port Moody works hard to deliver services and programs that provide the best value for your tax dollars. As Council considers the 2019-2023 budget, we want to hear from our residents and business owners.

  • Which City services and programs are the most important to you?
  • How should Council balance service levels and tax rates?

Here’s how you can get involved: 

streamingicon Watch a video of the January 29, 2019 Town Hall Meeting
report View the 2019-2023 Budget Consultation Presentation
Attend the Meeting Icon
Download our 2019-2023 Budget Booklet
twittericon Tweet us @CityofPomo
facebook  Comment on our Facebook page

2018 Property Taxes

On January 22, 2019, Council approved a draft proposed net budget increase of $2.26 million with an estimated tax rate increase of 5.55%. An average family home would see a $124 ($2.38 per week) increase in their property taxes for 2019. Here’s what it would cost an average* household to run the City in 2019:

Average household costs

* The average property assessment for a Port Moody home is $1,006,000 in 2019


How the pie is sliced

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 GrowthPopulation 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
Increased Activity
, where there is a growing number of people of all ages active in the community.

Population DiversityPopulation Diversity, which means looking at a wider scope of services than traditionally provided.

 

 

Proposed 2019 Capital Projects

2018 Proposed Capital Projects 

 

Budget Fast Facts

  • A tax increase of 1% = $22 increase to the average $1,006,000 household (a higher-valued household will have a higher increase).
  • A tax increase of 1% generates $407,000 annually in tax revenue.
  • 2019 proposed tax increase of 5.55% would generate approximately $2,259,700 in new tax dollars.
  • 2019 proposed tax increase of 5.55% = $124 to the average household. This is approximately $10.33/month or $2.38/week.
  • 2019 utility increase of 4.18% = $50 to the average single-family household. This is approximately $4.17/month or $0.96/week.
  • Get an in-depth look at our budget process by downloading our 2019 Budget Booklet.

 

The 2018 Port Moody Citizen Survey results determined:

Citizen Survey

 

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. 


Who determines the value of my property?
BC Assessment determines the assessed value of every property in BC (not city councils). The value is a market value based on recent sales of similar homes in your area.

If the value of my property increases, does the City automatically get extra tax revenue?
No. The same amount of tax revenue is still needed to balance the budget, regardless of changes to assessed values. When assessed values change, the tax rate is adjusted to generate the same amount of tax to pay for the approved services. Council determines the tax increase not BC Assessment.

Why is my property tax increase more than the tax increase approved by City Council?
The approved tax increase is based on the average assessed value increase in the City. Individual properties could see their tax rise more if their assessed value increased more than the average, and vice versa.
Last updated: 15/03/2019 11:16:09 AM