Council approves provisional budget with reductions to lower tax rate increase for Port Moody residents

At the January 20, 2026 Finance Committee meeting, Port Moody City Council approved the provisional 2026 budget with a property tax rate increase of 4.25 per cent for the average household. This increase has been reduced from 8.65 per cent, as presented for public consultation in October 2025, through budget adjustments, increased revenue projections, and Council’s approval of budget reductions totalling $2.7 million. Until final approval in April 2026, the budget will continue to be refined and updated to reflect updated information from a variety of sources including the revised tax roll received from BC Assessment, and provincial and federal budgets. We will share information about final budget adoption with the community in April/May 2026.

“Globally and regionally, we continue to experience a challenging economic climate,” says Mayor Meghan Lahti. “Council understands that Port Moody residents and businesses are looking to the City to keep the property tax rate increase as low as possible, while finding the right balance with service levels to ensure Port Moody is a thriving, liveable community. After careful consideration of information from City staff and public consultation results, and thoughtful budget workshops and deliberations, we have reduced the property tax increase to 4.25 per cent to help lessen the burden on Port Moody taxpayers. This is a provisional tax increase, and in the coming months, Council will continue to look for opportunities to reduce the tax rate increase further. I am confident that we can further reduce this provisional tax rate increase during these future deliberations.”

The reduced property tax rate increase has been achieved through adjustments and reductions such as:

• additional Non-Market Change tax revenue adjustment as a result of updated information from BC Assessment;
• adjustments to investment income, highway use permits, and pay parking revenues;
• reductions to E-Comm (911) charges for Port Moody Police and Port Moody Fire Rescue;
• delayed introduction of two new fire fighter positions;
• reductions to Mayor and Council conventions and committee contingencies;
• administrative reductions related to insurance, banking fees, consulting, fuel, and utilities charges;
• reduction to budget dedicated to Canada Day celebrations;
• elimination of the one per cent increase to the 2026 Climate Action Levy; and
• continued use of accumulated surplus funds in 2026.

In 2026, the City will collect $65.6 million (approximately $3.74 million more than last year) in property taxes from residents and businesses to balance the budget. The tax rate increase for the average household is 4.25 per cent. This means the average household will see an estimated increase of approximately $128 for the year – that’s $2.46 per week or $0.35 per day. The increase for each individual household will depend on the value of their property, as assessed by BC Assessment, and the change in its assessed value relative to the average change in assessed value for all other households.

The City is collecting more in property taxes this year to cover rising costs related to factors such as: labour costs including salaries and wages; employee benefits; insurance; materials and supplies inflationary increases; and replacement of existing critical infrastructure, amenities, and facilities.

In October, we invited the public to participate in our 2026 budget consultation by visiting Engage Port Moody, our online public engagement hub. On the project page, we shared information about the Draft 2026-2030 Financial Plan and invited the public to fill out a community survey. We asked residents and business owners to tell us how they felt the City should balance tax rates and service levels. Public engagement results were shared with Council on November 18, 2025 – see item 4.1 in the on-table items package for City staff’s report to Council and the public engagement summary.

Final approval of the budget will take place in April 2026 after the City has received the revised tax roll from BC Assessment and final information from the Province. Municipalities must set their property tax rates by bylaw before May 15 of each year. For more information on the City’s budget process and schedule – including links to Council meeting agenda packages, videos, presentations, and the full Provisional 2026-2030 Five-Year Financial Plan – please visit portmoody.ca/budget.