Annual Budgets
Municipalities must annually prepare a five-year financial plan and adopt tax rates in accordance with the Community Charter (Section 165). The five-year requirement encourages city councils to think strategically and consider the longer-term impacts of current decisions.
The budget process is about balancing the delivery of services and programs (spending) with property taxes, fees and charges, and funds from other sources (revenues) to meet the needs of the community.
2024 Financial Plan
In 2024, the City is collecting $59,143,000 – approximately $5,368,000 more than last year – in property taxes from residents and businesses to balance the budget. The proposed tax rate increase for the average residential household is 8.37% per cent. This means in 2024 the average household would see an increase of approximately $224 for the year – that’s $4.31 per week or $0.61 per day.
| What’s driving the budget? |
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The City is collecting more in property taxes this year to cover rising costs related to factors such as:
Read more about what’s behind the tax rate increase in City staff’s Provisional 2024-2028 Financial Plan report presented to Council at the December 5, 2023 Finance Committee meeting. You can also watch a video recording of the meeting. |
| 2024 budget drivers in detail |
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What’s driving increases to the budget? The following are the drivers for 2024: Net Revenues Development and construction related application and permit revenues, grant revenues, and program and user fees are projected to increase by $1,164,000. A significant portion of these increases are offset with reserve transfers. Salaries, wages, and benefits Salaries, wages, and benefits have increased by $1,843,000. This represents estimated collective agreement increases for all the bargaining units and management and related overhead and benefit costs such as: WorkSafeBC premiums, extended health benefits, the employer portion of the Canadian Pension Plan (CPP), Employment Insurance (EI), and the Employer Health Tax. Additionally, the two-year phase in of positions approved in 2023 will add an additional $401,000. Operating expenses Operating expenses are increasing by $954,000. This represents inflationary increases for operating expenses such as insurance, equipment, contracted services, utilities, legal services, professional services, leases, etc. Reserve Transfers Transfers to and from reserves are increasing by $856,000. This increase is primarily related to the increase in development related revenues. Port Moody Police The Port Moody Police’s provisional budget submission is anticipated to represent an increase of $958,000. Additionally, the two-year phase in of a position approved in 2023 will add an additional $47,000. The total operating impact for operations (City and Police) is an increase of $3,895,000 for 2024. Capital Asset Levy The Capital Asset Levy has increased by an estimated 1% or $532,000. This is consistent with past practice and ensures that the Asset Reserve and associate capital envelopes have sufficient funds to renew and replace critical city infrastructure. The total before new service and funding requirements to meet increasing service demand is a 2024 budget increase of $4,427,000. New Tax Revenue Growth or Non-Market Change (NMC), which represents an estimate of increases in taxable values unrelated to market increases, as not been included in the draft financial plan. As a preliminary placeholder included in the adjustments and amendments to the Draft Financial Plan, staff are including $532,000 for 2024 growth. This figure will be further refined as updated information is received from BC Assessment. New positions to meet service demands Staff have submitted several new positions that are required to meet ongoing service demands across the City. These total $637,000 in 2024 and are further detailed in the report to Council. New operating expenses to meet service demands Staff have submitted new operating expenses that are required to meet ongoing service demands across the City. These total $837,000 in 2024 and are further detailed in the report to Council. Included in the $837,000 is a $532,000 increase in the annual contribution to the Climate Action Implementation Reserve to provide the necessary annual funding to meet ongoing climate action implementation targets. The total budget increase, including new funding requirements to meet increasing service demand is $5,368,000. |
View the Provisional 2024-2028 Financial Plan. To learn about the budget process and the City’s proposed expenses for 2024, read our Budget Guide. To understand how your tax dollars are spent as well as how our property taxes are calculated, watch our video.
2024 budget consultation
As City Council considers the proposed budget, they want to hear from Port Moody residents and business owners. How do you think the City balance service levels and tax rates? What do you think of the proposed funding levels for specific service areas?
Visit Engage Port Moody, our online public engagement hub, to fill out our budget survey. If you prefer to fill out the survey on paper, you can pick up a copy at City Hall (100 Newport Drive). The public budget consultation will be open from January 8 to January 28, 2024.
Operating and capital budgets
The City has two types of budget expenses: operating and capital. Our operating budget covers spending related to Port Moody’s day-to-day operations. The City’s capital budget funds larger, longer-term projects, mostly related to maintaining, upgrading, and replacing the City’s infrastructure and facilities.
| 2024-2028 operating budget |
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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:
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| 2024-2028 capital budget |
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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 to ensure they are in place to deliver services. The capital budget works to advance Council’s strategic plan within our long-term financial capacity.
Types of projects funded
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Budget process schedule
The City has a formal budget process that it follows, scheduling the different phases from the drafting of the budget, through deliberations by the Finance Committee, to public input, to approval by City Council, up to the setting of the tax rates to the final phase of billing and collecting the taxes.
Past budgets
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