Past Budgets
2024 Financial Plan
In 2024, the City is collecting $58,375,000 – approximately $4,393,000 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 6.9% per cent. This means in 2024 the average household would see an increase of approximately $190 for the year – that’s $3.65 per week or $0.52 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 2024-2028 Five Year Financial Plan presented to Council at the April 23, 2024 Regular Council 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 $1,634,000. A significant portion of these increases are offset with reserve transfers. Salaries, wages, and benefits Salaries, wages, and benefits have increased by $1,715,000. 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 $952,000. 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 $922,000. 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 $916,000. 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 $3,851,000. New Tax Revenue Growth or Non-Market Change (NMC), which represents an estimate of increases in taxable values unrelated to market increases, was estimated to be $738,000 for 2024. This figure was refined throughout the budget process as updated information was 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 $499,000 in 2024. 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 $783,000 in 2024. Included in the $783,000 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 $4,393,000. |
View the 2024-2028 Five Year 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 considered the 2024 budget, they heard from Port Moody residents and business owners. Engage Port Moody, our online public engagement hub, was used for the 2024 budget survey. The public budget consultation was 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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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.
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.
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• budget guidelines approved by Finance Committee – July • budget packages distributed to departments – July • budgets drafted by departments – July to September • department budget reviews with Finance – September to November • Council deliberations – October to April • public consultation – February • public budget presentations – December to April • Council adopts budget – historically, April and May • tax rates set – prior to May 15 (as per Community Charter) • taxes due on first business day after July 1st (covering costs for services from January 1 to December 31) |
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| 2024 budget schedule | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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See the table below for 2023/2024 milestone dates as well as links to City Council meeting agendas, presentations, and videos.
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2023 Financial Plan
The City of Port Moody confronted unique challenges during the preparation of the 2023-2027 Five-Year Financial Plan. Notably, the year-end inflation rate in 2022 reached 6.6%, marking one of the most substantial year-over-year increases in decades. This inflationary pressure significantly impacted costs related to transportation, insurance, construction, contracted and professional services, and software maintenance. Furthermore, the City faced heightened expectations for wage settlements due to collective agreements with bargaining units that expired in 2021 and 2022. Increased costs for Canada Pension Plan (CPP), Employment Insurance (EI), WorkSafeBC premiums, and extended health benefits also contributed to rising benefit and overhead costs. Consequently, the budgetary considerations had to delicately navigate these challenges while balancing the City’s limited resources.
The initial budget submission from City staff proposed a $5,493,000 (11.33%) increase over 2022. The Finance Committee received an initial overview of the draft 2023 Financial Plan from staff, followed by detailed department presentations outlining each department’s overall budget and proposed changes from the prior year. The draft 11.33% tax rate increase was presented to the community in the 2023 Budget Consultation, facilitated through engage.portmoody.ca. During the consultation period between February 28 and March 19, 2023, participants engaged in the annual budget survey, accessed budget resource information, FAQs, and interacted with staff through questions and comments. A total of 377 individuals completed the online survey, with 183 (49%) providing feedback or comments for Council members.
Survey results conveyed that 72% of respondents perceived good (62%) or excellent (10%) value in relation to the taxes and utility fees they paid, 45% favoring maintaining current service levels through a tax increase, 28% preferring to keep the tax rate the same as the previous year through reduced service levels, and 14% advocating for enhanced service levels through a larger tax increase. Regarding subsidies and user fees, 56% suggested leaving them unchanged, while 25% preferred decreased subsidies for users to pay more, and 8% sought increased subsidies for users to pay less.
The results from this public consultation were presented to the Finance Committee on April 4, 2023. Subsequently, the Finance Committee engaged in ongoing budget deliberations over the 2023-2027 Five-Year Financial Plan and eventually reduced the budget increase to $4,500,000. With first three readings of the Five-Year Financial Plan Bylaw and the corresponding 2023 Tax Rates Bylaw at Regular Council on April 25, 2023, adoption of the Bylaws occurred on May 9, 2023. The 2023 Financial Plan presented for Council’s approval results in an estimated total residential property tax charge increase of 9.26% for the average household assessed at $1,333,000 for 2023, or $242 for the year ($4.65 per week).
| Public Budget Consultation |
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The 2023 Budget Guide provides information about the budget process and the City's proposed net operating expenses for 2023. Our 2023 Budget Breakdown shows you the average household costs broken down by City departments. Review the 2023-2027 Five Year Financial Plan for more detailed information about our budget and financial plans. |
| 2023-2027 operating budget |
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| 2023-2027 capital budget |
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See the table below for 2022/2023 milestone dates as well as links to City Council meeting agendas, presentations, and videos.
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2022 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.
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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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| 2022-2026 Capital Budget | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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For further details, view the full 2022-2026 Capital Budget  |
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2021 Financial Plan
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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| Proposed 2021-2025 Capital Budget | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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For further details, view the full 2021-2025 Capital Budget
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2020 Financial Plan
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.
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Thank you to everyone who took the time to give us your feedback on the 2020-2024 draft financial plan. The 2020 Budget Guide provides information about the budget process and the City's proposed net operating expenses for 2020. Our 2020 budget breakdown shows you average household costs broken down by City departments. |
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| 2020-2024 Operating Budget | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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For further details, view the full 2020-2024 Budget
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| Capital Budget | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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For further details, view the full 2020-2024 Capital Budget
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Previous Budget Files
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