Port Moody homeowners may not have to dig as deeply into their pockets when it comes time to pay their property taxes in July after all.
On Tuesday, Dec. 17, council’s finance committee approved a provisional budget that includes a property tax increase of 5.71 per cent.
That’s more than 2.8 per cent less than the 8.52 per cent increase that had been anticipated in late October.
Getting there has been “like a roller coaster ride the last few months,” said Coun. Diana Dilworth.
Indeed, said Paul Rockwood, Port Moody’s general manager of finance and technology, since paring more than two per cent from an initial property tax boost of 10.85 per cent earlier in October, some unexpected increases for health insurance, Canada Pension Plan, employment insurance and WorkSafeBC premiums as well as higher labour costs had pushed the anticipated increase to property taxes back up to 10.3 per cent.
That’s when the real work started, said Coun. Callan Morrison who characterized subsequent deliberations as “the toughest” he’s experienced.
“Cuts have been made everywhere except the grass,” Morrison added.
In fact, one of the economies to rein in costs will be leaving the grass on city boulevards uncut. As well, a plan to eliminate fines for late returns of items borrowed from Port Moody public library will be delayed until 2026.
The planned one per cent levy to fund the city’s climate action plan that was to be implemented for the first time in 2025 will also be put off for a year and several new positions will be phased in over two years instead of all at once next year.
Rockwood said Port Moody also anticipates new revenues of $130,900 from its pay parking program that began in various locations in September as well as $214,500 in additional revenues from recreation programs, filming permits, leases and business licensing.
He said more money could yet be found prior to final approval of the budget next May that could further diminish the proposed tax increase.
“The budget is not static,” Rockwood said. “If there’s new information in the new year, there will be further deliberations.”
Mayor Meghan Lahti said that could come as more people move into Port Moody when new developments are completed.
“It takes time for growth to show up on the rolls.”
Coun. Samantha Agtarap said the city is further hobbled because it doesn’t have access to revenue sources like casinos that help enrich the coffers of neighbouring communities such as Coquitlam, Burnaby and New Westminster.
As Port Moody’s provisional budget stands currently, Rockwood said, the average homeowner with a property assessed at $1.291 million will pay $167 more in property taxes next year, or about $14 a month.
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