Port Moody residents could be looking at a tax increase of 3% next year.
An update of the city’s five-year financial plan presented to the finance committee last Tuesday cited financial pressures from several half-year positions approved in 2018 that will require funding for an entire year, along with the new provincial Employer Health Tax that will cost the city more than $600,000 as reasons for the increase being 1% higher than the 2% target. An additional $537,000 in services that were paid for by temporary funding in 2018 will also require permanent funding.
The report from Port Moody’s finance and technology department said it’s been a challenge for many city departments to meet their budget targets while still maintaining their same levels of service as 2018.
The tax increase will also include a 1% boost to the city’s annual levy to replace infrastructure. The boost was deferred last year to help pay for the city’s master transportation plan.
A draft financial plan will be presented to the finance committee in January, prior to public consultation scheduled for Jan. 29, 2019.
Big bucks for capital projects
Port Moody is looking to spend more than $9.5 million on capital and operating projects in the coming year.
A request for pre-approval of 78 projects was presented to the city’s finance committee at its meeting last Tuesday.
The total includes $6 million for the redevelopment of the Inlet Park sports field so the city can try to secure federal government grants to help pay for the project.
Other notable projects seeking pre-approval include:
• $20,000 for two new heron eco sculptures;
• $500,000 for a new chiller in Arena 2 at the Port Moody recreation complex after the old one failed;
• $37,000 for a new plotter and scanner because the old ones no longer work properly;
• $475,000 for rehabilitation work on the Shoreline bike path;
• and $50,000 to continue the Shoreline Shuttle bus service next summer.
As well, the city is looking to spend almost $1.9 million on new vehicles and related equipment, including two new Zambonis, eight new police vehicles, two new tractors, along with outfitting its fleet with GPS technology.
