2023 Five-Year 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

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

 

 

2023-2027 capital budget

 

Timeline

See the table below for 2022/2023 milestone dates as well as links to City Council meeting agendas, presentations, and videos.

June 28, 2022

Finance Committee

Budget guidelines approved

Agenda

Presentation

Video

July 2022

Staff Action

Budget packages distributed to departments 

-

-

-

July - September 2022

Staff Action

Budgets prepared by departments 

-

-

-

September - December 2022

Staff Action

Staff budget reviews

-

-

-

October 18, 2022

Finance Committee 

Utility Budget and Rates Approved 

Agenda

 Presentation

Video

November 8, 2022

Regular Council 

Library Board Budget Presentation 

Agenda

 Presentation

Video

November 15, 2022

Finance Committee

Introduce Draft 2023 - 2027 Capital Budget

Agenda

Presentation

Video

November 22, 2022

Regular Council 

Police Board Budget Presentation 

Agenda

Presentation

Video

December 6, 2022

Finance Committee

Capital Budget Approval

Agenda

Presentation

Video

February 7, 2023

Finance Committee

Budget Workshop

Agenda

-

-

February 21, 2023

Finance Committee

Introduce 2023 Operating Budget Deliberations & Department Presentations

 Agenda

Presentation 

Video 

February 28, 2023

Budget Consultation & Engagement

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

 

 

  

March 7, 2023

Finance Committee

Budget Deliberations &  Department Presentations continued

Agenda 

Presentation 

 Video

March 21, 2023

Finance Committee

Budget Deliberations, Financial Plan and Tax Policy, Alternative Tax Scheme

Agenda

Presentation

Video

April 4, 2023

Finance Committee

Budget consultation results considered. Approval of Financial Plan & Tax Rates - Referral to Council

Agenda

Presentation

Video

April 25, 2023

Regular Council

Financial Plan & Tax Rates Bylaws First 3 Readings

Agenda

Presentation

Video

May 9, 2023

Regular Council 

Financial Plan & Tax Rates Bylaws Adoption

Agenda

Presentation

Video

 

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

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.

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

 

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.

Public Budget Consultation

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.

 2020-2024 Operating Budget

For further details, view the full 2020-2024 Budget

 Capital Budget

 For further details, view the full 2020-2024 Capital Budget

Department 2020 2021 2022 2023 2024
City Administration $125,000 $125,000 $125,000 $125,000 $125,000
Corporate Services $41,000 $36,000 $41,000 $36,000 $41,000
Community Services $2,684,700 $1,116,600 $1,538,000 $1,209,900 $1,751,300
Planning & Development $190,000 $0 $0 $0 $0
Engineering & Operations $3,294,500 $6,714,100 $2,798,000 $3,034,800 $3,597,000
Environment & Parks $879,500 $1,309,500 $1,542,800 $147,000 $117,000
Finance & Technology $270,000 $105,000 $20,000 $60,000 $170,000
Library $41,100 $0 $0 $0 $0
Police $528,700 $262,100 $154,600 $240,900 $750,300
Utilities $8,374,700 $7,299,400 $4,167,200 $5,945,200 $6,458,100
Total $16,429,200 $16,967,700 $10,386,600 $10,798,800 $13,009,700
 Timeline

Jul 16, 2019

Finance Committee

Budget guidelines approved

Agenda

-

Video

Jul 2019

Staff Action

Budget packages distributed to departments 

-

-

-

Jul - Sep 2019

Staff Action

Budgets prepared by departments 

-

-

-

Sep - Nov 2019

Staff Action

 Staff budget reviews

-

-

-

Oct 15, 2019

Finance Committee 

Utility Budget and Rates Approved 

Agenda

 -

Video

Oct 22, 2019 

Regular Council 

Library Board Budget Presentation 

Agenda

 Presentation

Video

Nov 5, 2019

Finance Committee

Introduce Draft 2020-2024 Capital Budget 

Agenda
 Presentation  Video

Nov 26, 2019 

Regular Council 

Police Board Budget Presentation 

Agenda

 Presentation

Video

Dec 3, 2019 

Finance Committee

Introduce Draft 2020-2024 Operating Budget 

Agenda

 Presentation

Video

Jan 7, 2020

Finance Committee

Budget Deliberations

 Agenda

 Presentation

 Video

Jan 21, 2020

Finance Committee

Budget Deliberations

 Agenda

 Presentation

 Video

Feb 4, 2020

Town Hall Meeting

Public Consultation with CAG

Presentation

Video

Feb 18, 2020

Finance Committee

Budget Deliberations

 Agenda

Presentation

 Video

Apr 7, 2020

Finance Committee

Budget Deliberation

 Agenda

 -

 Video

Apr 21, 2020

Finance Committee

Approval of Financial Plan and Tax Rates

 Agenda

 -

 Video

May 12, 2020

Regular Council 

Financial Plan and Tax Rates Bylaws readings and adoption

 

 Presentation

 

Previous Budget Files