Annual Budgets
Each year, we develop an annual budget to meet community needs and balance the delivery of services with property taxes and user fees. Council historically adopts the budget between March and May. City staff work on the budget year round, either drafting it, presenting it, amending it, or monitoring and reporting on it. The City can operate well into the current year without having an adopted budget until as late as May because each year we adopt a Five Year Plan, and therefore have five years of budget approval under which to operate if necessary. The City simply operates under the Five Year Plan it adopted the previous year until Council adopts the new plan. Council considers approval for the Capital Budget before the year begins to avoid delaying any projects.
2021 - 2025 Budget
On May 11, 2021, Council approved the 2021 Financial Plan presented by the Financial Services department. The 2021-2025 Financial Plan is a fiscally responsible budget that balances the continuation of 2020 levels of service and addresses the financial realities of the ongoing COVID-19 pandemic.
Port Moody, like other municipalities, continues to face budget challenges with cost increases for wages and benefits, which make up the single highest cost driver in the budget. The City realized and included minimal new tax revenue from construction growth, as well as other small increases to fees and fines that offset the revenues needed from the proposed increase to taxation. New revenues from digital billboards help to significantly reduce the tax increase for 2021.
With the 2020 closure of the Flavelle sawmill (Mill and Timber), the City saw significant changes to assessed values and property classifications to the City’s 2021 tax roll. This would result in a re-distribution of taxes throughout the City. To offset the impact of this redistribution, $900,000 was transferred from City reserves to maintain an overall tax increase of approximately 3.55%.
Increased costs as the City continues to respond to the effects of COVID-19 are offset with the Provincial government’s COVID‐19 Safe Restart Grants for Local Governments.
Review the 2021-2025 Five Year Financial Plan for more detailed information about our budget and financial plans.
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You are now able to provide input on the 2021 budget through Engage Port Moody. Visit the site to register to participate. The 2021 Budget Guide provides information about the budget process and the City's proposed net operating expenses for 2021. Our 2021 Budget Breakdown shows you the average household costs broken down by City departments. |
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2021-2021 Operating Budget |
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For further details, view the full 2021-2025 Capital Budget
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Operating budget
Our operating budget covers spending related to the day-to-day operations of City departments. These daily expenses help to keep our streets and homes safe, and ensure that we have clean water running through the taps, garbage and recycling trucks on the road, and recreational and cultural facilities open for the public. Typical examples of operating expenses are:
- employee salaries and wages
- supplies, materials, and equipment
- property, liability and vehicle insurance
- maintenance
Capital budget
The City's capital budgets fund larger, long-term projects, mostly related to maintaining, upgrading, and replacing the City's infrastructure and facilities. It's important to make long-term plans for scheduled maintenance and replacement of these valuable, tangible capital assets (TCAs) to ensure they are in place to deliver services. The capital budget works to advance Council’s 2019-2023 strategic plan within our long-term financial capacity.
Types of projects funded
Past budgets
Review our past budgets:
- 2020 Five Year Financial Plan
- 2019 Five Year Financial Plan
- 2018 Five Year Financial Plan
- 2017 Five Year Financial Plan
Property Value Assessment
To understand your property value assessment and how your taxes are calculated, watch our video:
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