Port Moody taxpayers are facing a tax increase of 3.7% in the coming year, according to the city’s draft financial plan that was presented to city council’s finance committee Dec. 3.
The increase amounts to $87 for the average residential property in the city with an assessed value of just over $1 million.
In total, Port Moody’s operating budget is projected to increase by 2.62% while the budget for the city’s police department goes up 1.12%, which includes the addition of a new officer.
The budget also includes the addition of several new services, including a parks caretaker, an emergency preparedness coordinator and $23,000 for the city’s beaver management program. But most of those costs will be offset by revenue of $950,000 anticipated from new electronic billboards that will be erected at two locations in 2020.
The financial plan also features an expenditure of $16.2 million for capital projects next year. Those include the replacement of several vehicles that have reached the end of their lifespan; and improvements to parks, including $75,000 for new playground equipment at Seaview Park and $80,000 to complete the second phase of the new playground at Rocky Point park that will be designed to appeal to older kids. One of the larger expenses will be $900,000 for new ice-making equipment for Arena 1 and the curling rink at the Port Moody recreation complex.
Last year, the city spent almost $300,000 of its emergency reserve fund to install a temporary ice plant for Arena 2 after its ice-making system had to be shut down in August 2018 because of ammonia leaks detected in the machinery’s brine lines.
In its request to fund the project, Port Moody’s community services department warned the rec centre’s second ice plant is “in a high risk position” for a similar failure.
The city won’t just be spending money, though.
The draft budget anticipates increased revenues of nearly $690,000, including $135,000 in rent from a newly-acquired property at 3016 Murray St. The city also expects $14,650,000 in a one-time density bonus payment from Onni for its latest project in Suter Brook Village.
Much of that money is already accounted for, though, including the city’s purchase of the Murray Street property, for eventual inclusion in Rocky Point Park and transfers to its various reserve funds.
Port Moody residents will get a chance to provide feedback on the proposed budget at a town hall meeting in early February, with the final budget scheduled to be adopted May 12.
