Past Budgets

2022 - 2026 Five-Year Financial Plan

The Five-Year Financial Plan, which allocates the funds and resources to complete the work plans and business plan tasks, is developed based on City Council’s Strategic Plan, which sets the high-level goals and objectives for the community. The City of Port Moody’s Long Term Strategic Financial Framework, the Asset Management Investment Plan, the 2020 Climate Action Plan, as well as the various master plans guide the financial planning process to ensure resources and infrastructure are properly funded and spent in a financially sustainable manner.

The process begins with specific Budget Guidelines that are approved by Council to guide staff to prepare a sustainable Financial Plan, which considers the following:

• The services and level of service residents expect;
• Revenue including the relative level of taxation for residents;
• Businesses and diversification options;
• The level of taxation subsidies for programs; and,
• The level of funding for assets critical to deliver the services.

Delivering on Council’s priorities, while making sure we are planning for a sustainable future for our city and its residents, is an annual challenge. Specific challenges include funding the replacement and maintenance of critical assets, recruiting for skilled labour in a competitive employment market, incorporating new revenue opportunities under a limiting Community Charter, managing sustainable growth and development, and balancing the needs and wants of the community regarding the scope and breadth of services and/or the level of services delivered.

In developing the 2022 budget, the City was faced with the continued pressures and uncertainty around COVID-19, while looking to re-establish pre-pandemic levels of service and deal with the financial pressures of two years of austerity budgets in response to the pandemic.

The total 2022 staff budget submission was initially $3,606,166 which equates to an approximate 7.81% tax increase.  This represented the budget staff felt, in their professional opinion, was 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) recognized 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.  ELT 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 did 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.

This budget was presented to the community in the 2022 Budget Consultation, which was facilitated through engage.portmoody.ca, the City’s online engagement hub. Participants registered to learn about the City’s financial plans and projects, share ideas, and provide feedback. Between February 8 and February 28, 2022, participants had access to the annual budget survey, budget resource information, FAQs, and could pose questions and comments to staff. 288 individuals completed the online survey and 146 (51%) individuals provided feedback or comments for Council members.

73% of survey respondents indicated that they received good (63%) or excellent (10%) value in relation to the taxes and utility fees that they pay. 49% of survey respondents wanted to maintain current service levels through a tax increase. 27% of respondents wanted to keep tax rate the same as last year through reduced services levels; in contrast, 12% wanted enhanced service levels through a larger tax increase.

The results from the public consultation undertaken for the 2022-2026 Five-Year Financial Plan were presented to the Finance Committee on March 15, 2022.

In an effort to further reduce the financial burden on taxpayers, Council approved further reductions to the 2022 budget.  These included general budget adjustments ($310,000 – 0.67%), revenue adjustments ($117,500 – 0.25%), and service adjustments ($152,000 – 0.33%). These adjustments to the 2022 Financial plan resulted in a final 4.71% tax increase over 2021.

This represents a 3.71 per cent increase to the City’s operating budget, which covers spending related to the day-to-day operations of City departments, and a 1.0 per cent increase to the Asset Renewal Levy, which funds the replacement of existing critical infrastructure, amenities, and facilities. Review the 2022-2026 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 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.

2022-2026 Operating Budget

2022-2026 Capital Budget

For further details, view the full 2022-2026 Capital Budget

Timeline

July 6, 2021 Finance Committee Budget guidelines approved Agenda Presentation Video July 2021 Staff Action Budget packages distributed to departments  - - - July - September 2021 Staff Action Budgets prepared by departments  - - - September - December 2021 Staff Action  Staff budget reviews - - - October 19, 2021 Finance Committee  Utility Budget and Rates Approved  Agenda  Presentation Video October 26, 2021  Regular Council  Library Board Budget Presentation  Agenda  Presentation Video November 16, 2021 Finance Committee Introduce Draft 2022-2026 Capital Budget  Agenda Presentation Video November 23, 2021 Regular Council  Police Board Budget Presentation  Agenda Presentation Video December 7, 2021 Finance Committee Capital Budget Approval Agenda Presentation Video February 1, 2022 Finance Committee Introduce 2022 Operating Budget  Agenda Presentation Video February 2022 Budget Consultation & Engagement Engage Port Moody - Learn, Share, Shape your City.  - -  -  February 15, 2022 Finance Committee Budget Deliberations  Department Presentations Agenda  Presentation Video March 1, 2022 Finance Committee Budget Deliberations  Department Presentations Agenda  Presentation Video March 15, 2022 Finance Committee Budget Deliberations Agenda Presentation  - April 5, 2022 Finance Committee Approval of Financial Plan & Tax Rates - Referral to Council Agenda Presentation Video April 26, 2022 Regular Council Financial Plan & Tax Rates Bylaws First 3 Readings Agenda -  Video May 10, 2022 Regular Council  Financial Plan & Tax Rates Bylaws Adoption Agenda  -  Video

2021 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.

2020 Budget

On May 12, 2020, Council approved the 2020 Financial Plan presented by the Financial Services department. The 2020 Financial Plan has been prepared to maintain the same level of service as the 2019 Financial Plan with the exception of unavoidable new services and COVID-19 related reductions. To ease the financial burden faced by taxpayers during the COVID-19 pandemic, Port Moody City Council made cuts to the 2020 Financial Plan that resulted in a reduced tax rate increase of 1.61 per cent, down from the previously-approved 3.62 per cent. Review the 2020-2024 Five Year Financial Plan for more detailed information about our budget and financial plans.

Previous Budget Files

• 2019 Five Year Financial Plan
• 2018 Five Year Financial Plan 
• 2017 Five Year Financial Plan