Port Moody is more than half a million dollars ahead of its forecast operating budget for 2024.
In a report to be presented to council’s finance committee on Tuesday, July 16, Lorena Miat, the city’s manager of financial reporting, said more money is coming in than anticipated from development fees and permits, as well as licenses along with recreation and cultural services revenues.
Additionally, Port Moody’s expenses for salaries and benefits are down more than $282,000 as some jobs remain vacant or have been left unfilled.
A large chunk of those savings — $207,601 — are from the city’s police department which has several vacant positions.
Port Moody’s utilities are also ahead of the game due to higher-than-anticipated revenues from water and sewer fees, lower costs for purchasing water from Metro Vancouver and job vacancies.
The city’s water utility surplus is projected to be $706,682 while sewer and drainage are more than $500,000 below budget.
“The anticipated surpluses demonstrate prudent budgeting practices and expenditure control,” said Miat.
Port Moody departments must provide updates to their budget forecasts every four months so managers can adjust their work plans for the rest of the year.
