How should the City spend tax dollars collected in 2024? Have your say via our budget survey!

As they consider the proposed 2024 budget, members of City Council want to hear from Port Moody residents and business owners. How should the City balance service levels and tax rates? What do you think of the proposed funding levels for specific service areas? Visit engage.portmoody.ca to fill out our budget survey today. 

“Our budget process is about balancing the community’s needs and expectations with ensuring the best value for taxpayers’ dollars,” said Mayor Meghan Lahti. “Council members recognize the economic pressures that our residents and business owners face, and we are mindful of the need to keep property tax increases as low as possible while maintaining service levels that ensure Port Moody continues to be a vibrant and liveable city for everyone. 

“I encourage you to read our budget information and fill out our community survey,” continued Mayor Lahti. “Council will review and consider your comments as we go through budget deliberations in the spring. Your input will help us find the right balance.” 

Engage Port Moody, our public engagement hub, is your source for information on the 2024 budget. On our project page you can:

• learn more about the budget process and the City’s proposed net operating expenses for 2024;
• read the City’s Budget Guide and the full Provisional 2024-2028 Financial Plan;
• take a look at answers to frequently asked questions or ask a new question; and
• provide valuable input by completing our community survey online by Sunday, January 28, 2024.

As you answer the survey questions, consider the value you place on City services in general, and on specific services and programs – how important are they to your household and to the community as a whole? 

If you prefer to fill out the survey on paper, you can pick up a copy at City Hall (100 Newport Drive). Your paper survey must be returned to City Hall by Friday, January 26, 2024. 

In 2024, the City is proposing to collect $59,143,000 – approximately $5,368,000 more than last year – in property taxes from residents and businesses to balance the budget. The proposed tax rate increase for the average household is 8.37 per cent. This means in 2024 the average household would see an increase of approximately $224 for the year – that’s $4.31 per week or $0.61 per day. “Average household” refers to a Port Moody residential property assessed by BC Assessment at the preliminary 2024 average amount of $1,248,000. 

The City is proposing to collect more in property taxes this year to cover rising costs related to factors such as: inflation; labour costs including salaries and wages; employee benefits; insurance; public safety resources (i.e. three new positions: two firefighters and one police training sergeant); implementation of the City’s Climate Action Plan; replacement of existing critical infrastructure, amenities, and facilities; and increased demand for City services. 

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. 

Here are some of the capital projects proposed in the Provisional 2024-2028 Financial Plan:

• water network infrastructure asset renewal program
• Major Road Network (MRN) road rehabilitation program 
• Ioco Road corridor reconstruction (part of planned multi-utility replacements)
• sanitary sewer infrastructure maintenance and rehabilitation program
• storm drainage improvements in Moody Centre
• Local Road Network (LRN) road reconstruction program
• installation of air conditioning in the Recreation Complex gymnasium
• renovation of skate shop in the Recreation Complex
• washroom upgrades in the Civic Centre building 

The projects listed above represent nearly 53 per cent (or $12.5 million) of the proposed capital budget. You can read the full list of proposed capital projects in Provisional Five-Year Financial Plan. 

We encourage you to learn, share, and help shape your city – participate today at engage.portmoody.ca. Council will consider input received from the public as part of their budget deliberations in the spring. Municipalities must set their property tax rates by bylaw before May 15 of each year.