Port Moody homeowners could be facing a property tax increase of almost 11 per cent next year.
That equates to about $339 for each single-family home, including a new $72 levy to help pay for Metro Vancouver’s new $3.89-billion North Shore waste water treatment plant this is currently under construction.
Department heads are making pitches for their financial needs to council’s finance committee today, Oct. 18.
In a report, Tyson Ganske, Port Moody’s deputy chief financial officer and manager of financial planning, along with corporate business analyst Jack Mai, said the draft budget maintains the same level of city services as 2024.
Capital projects totalling $26 million include upgrades to the exterior of the civic complex, improvements to Inlet Theatre, rehabilitation of playgrounds, the installation of outdoor fitness equipment, ecological restoration projects, vehicle replacements as well as road reconstruction and neighbourhood traffic calming projects.
The single most expensive project, at $3.364 million, would be the implementation of a new master plan for Old Orchard Park that includes construction of a new washroom, picnic shelter, a new path down to the beach as well as replacing the existing playground.
Operating expenses are expected to account for 1.17 per cent of the property tax increase while the budget for salaries, wages and benefits will go up 4.03 per cent, including the hiring of two new firefighters and additional staff hours for bylaw enforcement, cultural services and parks maintenance.
As well, Port Moody Police is seeking $120,000 to hire a full-time IT specialist and a similar amount to cover ongoing operating costs for body cameras worn by its officers.
The report said the city is still paying the price for several years of high inflation.
“The recent historically high inflation has continued to drive cost increases around transportation, insurance, construction, contracted and professional services and software maintenance,” said the report.
“Additionally, a reduction in inflation has not had an immediate impact on wage settlements for most of the city’s bargaining units which have collective agreements that expire in 2024.”
Port Moody property taxes also include one per cent levies for capital assets and to fund the city’s reserve to pay for the implementation of climate action projects.
Following the staff presentations, council recommendations will be considered to revise the draft budget before residents are given an opportunity to provide feedback through the city's Engage Port Moody online portal.
The results of that engagement will be presented to council on Dec. 3, ahead of its provisional approval of the new budget.
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