Port Moody residents are invited to attend the City’s Committee of the Whole meeting, January 31 at 7pm in the Inlet Theatre, to hear Council discuss the 2017-2021 Draft Financial Plan and to provide feedback on proposed budget changes and priorities. 

In 2017, the City is proposing to collect $38.5 million in property taxes from residents and businesses to balance the budget. In order to collect that amount, the City is considering a 5.1 per cent increase to the property tax rate that would generate an additional $1.8 million. The average household would see an increase of about $103 for the year – that’s $8.60 per month, or $2.00 per week. 

When proposing an increase, the City takes into consideration the need for additional services, facility and infrastructure improvements, new equipment, insurance, and many other operating costs. The City also takes into consideration any changes to its sources of revenue. In 2016, BC Hydro stopped generating electricity at the Burrard Thermal Plant in Port Moody, which means the City of Port Moody will no longer receive an annual generating capacity grant that provided $1.3 million in revenue per year. 

Please see the attached backgrounder for examples of proposed capital and operating projects contained in the 2017-2021 Draft Financial Plan. For more information on the City’s budget process and to read the full 2017-2021 Draft Financial Plan, please visit portmoody.ca/budget. Members of the public who are not able to attend the Committee of the Whole meeting on January 31 can fill out an online feedback form, available here.