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.

Public Budget Consultation

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.

2021-2021 Operating Budget

 Proposed 2021-2025 Capital Budget

 For further details, view the full 2021-2025 Capital Budget

Department 2021 2022 2023 2024 2025
City Administration $125,000 $125,000 $125,000 $125,000 $125,000
Community Development $2,414,200 $350,000 $15,000 $10,000 $10,000
Community Services $2,700,600 $3,165,800 $1,584,900 $1,798,800 $2,310,200
Engineering & Operations $6,846,800  $2,872,200 $3,583,800 $3,852,000 $2,518,900 
Finance & Technology $215,000 $234,000 $70,000 $180,000 $125,000
Library $5,700 $0 $0 $0 $0
People, Communications & Engagement $126,000 $41,000 $36,000 $41,000  $36,000 
Police $202,400 $248,000 $217,600 $527,200 $538,900
Utilities $9,960,800 $3,819,700 $5,837,400 $5,275,100 $4,835,900
Total $22,596,500 $10,855,700 $11,469,700 $11,809,100 $10,499,900
 Timeline

July 2020

Finance Committee

Budget guidelines approved

-

-

-

July 2020

Staff Action

Budget packages distributed to departments 

-

-

-

July - September 2020

Staff Action

Budgets prepared by departments 

-

-

-

September - November 2020

Staff Action

 Staff budget reviews

-

-

-

October 20, 2020

Finance Committee 

Utility Budget and Rates Approved 

Agenda

 -

Video

October 27, 2020 

Regular Council 

Library Board Budget Presentation 

Agenda

 Presentation

Video

November 17 2020

Finance Committee

Introduce Draft 2021-2025 Capital Budget 

Agenda Presentation Video

November 24, 2020 

Regular Council 

Police Board Budget Presentation 

Agenda

Presentation Video
January 5, 2021 Finance Committee Capital Budget Approval Agenda Presentation Video

January 19, 2021 

Finance Committee

Introduce 2021 Operating Budget 

Agenda

Presentation Video

February 2, 2021

Finance Committee

Budget Deliberations

Agenda

Presentation  Video

February 16, 2021

Finance Committee

Budget Deliberations

 Agenda
 Presentation  Video

February 2021

Budget Consultation & Engagement

Engage Port Moody - Learn, Share, Shape your City.

 

   

 March 2, 2021

Finance Committee

Budget Deliberations

Agenda

 Presentation  Video

 March 16, 2021

Finance Committee

Approval of Financial Plan

Agenda

Presentation  Video
April 27, 2021 Regular Council Financial Plan & Tax Rates Bylaws First 3 Readings  Agenda  Presentation  Video

May 11, 2021

Regular Council 

Financial Plan & Tax Rates Bylaws Adoption

 Agenda

 Presentation

 Video

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:

Property Value Assessment

To understand your property value assessment and how your taxes are calculated, watch our video: