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.
2022 - 2026 Budget
On February 1, 2022, the Financial Services division introduced the draft 2022 Financial Plan to the Finance Committee. The draft 2022-2026 Financial Plan is a fiscally responsible budget that balances the continuation of 2021 levels of service and addresses the financial realities of a modern city in a growing region.
City departments and the Port Moody Library have submitted a 2022 Operating Budget that would result in a budget increase of $1,132,916, which is estimated to be a 2.45% tax increase. The Port Moody Police Board presented their 2022 budget submission at the November 23, 2021 Regular Council meeting, requesting a 2022 budget increase of $604,878, which would result in an estimated 1.31% tax increase. Combined, the operating increase to the 2022 budget is $1,737,794, estimated to be a 3.76% tax increase, which is $582,794 (1.26%) over the 2022 guideline target of $1,155,000 (2.50%).
The draft 2022-2026 Five-Year Financial Plan includes a proposed $462,000 or a 1.00% tax increase for the capital Asset Renewal Levy and a $450,000 or 0.97% tax increase as the City reduces the annual transfer from the Growth Stabilization Reserve, introduced in 2021 to phase in the impact of the Mill and Timber tax class change.
The components noted above result in an estimated operating budget increase of $2,649,794 or 5.74%, which is 1.26% above the Budget Guideline target of 4.47%. This increase represents staff’s professional opinion on what it takes to maintain the 2021 service level Council approved in the Budget Guidelines in July, 2021.
The draft Financial Plan includes $229,886 in new funding requirements that are either contractually based or have been approved by Council. Staff have submitted net new services of $180,050 (0.39%) for 2022. This includes $167,500 in ongoing operating expenses for capital projects, and $92,265 in new revenues. New position funded through taxation total $301,413 (0.65%). Several items initially removed in the 2020 budget have been reinstated for 2022 as directed by Council. These total $245,023 (0.53%)
The total 2022 staff budget submission is $3,606,166 equates to an approximate 7.81% tax increase, which represents the budget staff feel, again in their professional opinion, is required to move the City forward and deliver the level of service some of our neighbouring municipalities provide for their businesses and residents.
However, the Executive Leadership Team (ELT) recognizes that taxpayers are facing difficult financial times, and that other municipalities may be more fortunate to have access to other funding streams not available to the City, and therefore has reviewed the staff budget submission and recommended several adjustment and reductions to decrease the overall tax increase. It must be noted, that the recommended reductions do come with an added level of risk, and therefore, must be carefully considered and balanced against current and future service delivery impacts. These reductions (included the elimination of new positions funded through taxation) result in a proposed operating budget increase of $2,756,000 or an estimated 5.97%tax increase for the average residential property.
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 2022-2026 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 2022 budget through Engage Port Moody. Visit the site to register to participate. The 2022 Budget Guide provides information about the budget process and the City's proposed net operating expenses for 2022. Our 2022 Budget Breakdown shows you the average household costs broken down by City departments. |
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2022-2026 Operating Budget |
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For further details, view the full 2022-2026 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:
- 2021 Five Year Financial Plan
- 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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