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Port Moody asks residents about debt

Port Moody city council is reviewing its budget needs for 2014 and is seeking input into future capital requirements. - FILE
Port Moody city council is reviewing its budget needs for 2014 and is seeking input into future capital requirements.
— image credit: FILE

Should the City of Port Moody go into debt to support new amenities?

That's the question residents will be asked in an Ipsos Reid telephone survey next month. On Tuesday, council agreed to add an additional question to the survey that typically asks residents how satisfied they are with services and whether they get good value for their taxes.

Mayor Mike Clay said the survey will give council some additional information when it makes budgeting decisions in the future.

While per capita debt was $350 in 2013, it is projected to drop to 322 in 2014 and continue to drop as the accumulated debt is paid down.

The question, which will require a yes or no answer and an explanation, will be:  "Do you support the City going into debt to support new amenities? (e.g. a new library, a new library expansion or soccer fields.)"

Meanwhile, the city is also considering a 1% increase to the Asset Renewal Levy to provide ongoing funding to maintain and replace aging assets, for a total tax increase of 2.86%.

The tax hike amounts to about $51 a year for the average assessed household ($547,500 in 2013) but has yet to be finalized. Public open houses and consultations were held in January on the 2014 budget and information is on the city website at www.portmoody.ca

dstrandberg@tricitynews.com

 

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