Find links to Port Moody financial information, including taxes, utilities, and City financial statements.
For more information contact the Financial Services Department:
General Inquiries: 604.469.4502
Taxation and Utilities: 604.469.4503
Property Taxes and User Fees
Although municipalities rely on property taxes and user fees as the two major sources of revenue, other revenues (e.g. permits & licence fees, investment income, fines & penalties) help diversify the revenue base. In setting taxes and user fees, the City must strike a balance between reasonable access to services for all residents, while ensuring users of the programs and services pay a reasonable share of the costs.
Property tax is an “ad valorem” (Latin: "according to value") or value tax system charged on the value of property and not a user fee based on service consumption. Property taxes are levied to finance services that are provided broadly to the whole community (e.g. roads, police, fire, storm drainage). Conversely, municipalities impose user fees to help finance programs and services (e.g. programs, utilities) that are provided directly to a user or a household.
General Finance Information
2017 Tax Newsletter
Acceptable forms of payment
User fees for utilities (i.e. water, sewer, and garbage & recycling) are self-balancing funds where all collected fees are expended to finance the delivery of the services (operating and capital costs). Fees for programs (e.g. recreation) are not full cost recovery fees and mostly cover the operating cost of providing the program (staff, heat, light, supplies, etc.). The capital costs of services (e.g. building, furniture, equipment) are usually funded through separate capital funds.
How my 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.
Property taxes information - all you need to know about property taxes in Port Moody.
Utility bills - information on utility bills including payment deadlines, ways to pay and other information
Municipalities must annually prepare a five year financial plan and adopt tax rates in accordance with the Community Charter. This legislated requirement encourages city councils to consider the long term impact of current decisions and the impact of providing and sustaining a service for years to come. When undertaking a capital project, consideration must be given to the annual operating and maintenance costs and not only the initial capital cost. The City’s formal budget process typically follows scheduled phases from the drafting of the budget by departments (including the Police and Library Boards), through deliberations by the Finance Committee, to public input, culminating into final approval and setting of the tax rates by City Council.
As the City grows and more residents move into new developments and businesses expand, new developments and new construction are taxed accordingly. However, while new developments generate additional revenues from tax and user fees, they also bring a demand for more services and infrastructure. It is important that the new development contribute both their fair share to finance the capital demands of new infrastructure and amenities, and the tax revenues needed to closely offset the increased operating costs of the new or expanded services and programs. The wider the revenue gap the more tax increases or service adjustments will be needed to accommodate the growth.
2017-2021 Draft Financial Plan – All you need to know about the City’s 2017-2021 Draft Financial Plan.
Asset Management and Renewal
Thriving entities, public or private, need functioning assets that are in good repair to generate ongoing revenues and deliver uninterrupted services. When assessing the financial health of these entities, one of the key indicators is the condition and level of funding of their critical assets. To ensure the City of Port Moody maintains its current service levels for future generations, it is imperative that the City develop proper asset management planning and renewal strategies. Just as a homeowner needs to maintain and eventually replace their roof, so too must the City maintain and eventually replace its roads, water system, sewer system, parks, and civic buildings. Therefore, it is best practice for a community to develop a formal Asset Management plan to guide infrastructure investments as well as the ongoing maintenance and replacement of existing assets to ensure they are properly managed over the long term.
Below is video that explains the need for a comprehensive asset management strategy.