Port Moody residents can have their say on a proposed 5.09% increase to their property tax rate at a public budget consultation on Jan. 31.
One of the biggest changes to this year's budget comes with the loss of the Burrard Thermal generating capacity grant, which had provided PoMo coffers with a $1.3-million boost. Now that the plant's generating capacity is shut down (it will continue to be used as voltage support for the power grid), the loss of the grant means a nearly 3.8% increase to the tax rate.
Additional budget increase drivers include:
• Port Moody Police Department operating budget, with a $338,000 increase (a nearly 1% increase to the tax rate);
• contractual salary increases of $690,000 (1.95% tax increase);
• increases to operating expenses of $269,000 (0.76% tax increase) due to new software maintenance agreements and overhead increases linked to changes in the city's municipal pension plan rates; and,
• a 1% tax increase to the capital asset levy, for a $354,000 transfer to the asset reserve.
Some of the increase is offset by $51,000 in revenue growth (0.15% tax reduction) and transfers from reserves.
Included in the city's proposed budget are several reductions that were identified to keep growth to the finance committee's 3% increase requirement.
At Tuesday's council meeting, a resolution to re-instate the $248,500 in reductions that will add 0.7% to the tax increase was approved.
Also approved were $278,000 in new city services (a 0.79% tax increase), including: a new records management position and converting a part-time legislative services role to full-time, at a cost of $115,121; a new arborist position ($87,901); a new community event co-ordinator ($35,873); converting a part-time human resources position to full-time ($25,432); and nearly $14,000 for vehicle maintenance and promotional materials.
In December, Coquitlam approved a 2.13% increase to its tax rate; Port Coquitlam will begin discussing its potential increase this month.
spayne@tricitynews.com
@spayneTC
