To ease the financial burden faced by taxpayers during the COVID-19 pandemic, Port Moody City Council has made cuts to the 2020 Financial Plan that resulted in a reduced tax rate increase of 1.61 per cent, down from the previously-approved 3.62 per cent. “Thanks to the tireless work of Port Moody City staff, and a ‘can do’ attitude around the table Tuesday night, City Council carried a crisis-minded budget unanimously,” says Mayor Rob Vagramov. “I am pleased to announce that Port Moody residents will be seen through this crisis with the lowest tax rate increase in 21 years.” The 1.61 per cent increase over 2019 represents a 1.21 per cent increase to the City’s operating budget and a 0.4 per cent increase to the Asset Renewal Levy, which funds the replacement of existing critical infrastructure, amenities, and facilities. The average household will see an increase of about $35 for the year – that’s $2.92 per month, or $0.67 per week. The changes to the 2020 Financial Plan include reductions to:
- the Asset Renewal Levy – a 0.4 per cent increase instead of one per cent;
- the 2020 Community Grant Program – the City awarded $4,200 in grants to community groups instead of $18,700 (PoCoMo Meals on Wheels was awarded $1,200 to help cover the cost of food and supplies delivered to those in need, and SHARE Family and Community Services was awarded $3,000 to fill gaps in funding for 2020, mainly for SHARE’s English language practice groups and family resource programs);
- vegetation maintenance on boulevards and roads, as well as the number of annuals (flowers) purchased;
- monetary transfers to operating reserves;
- funding to respond to liability claims;
- funds set aside for Council and senior leadership to respond to emerging corporate and organizational issues;
- financial support for City-run events such as the Port Moody Community Fair, Canada Day celebrations, and Car-Free Day; and
- small amounts of discretionary funding.