CITY SPENDING –
The time is now for Port Moody to take a hard look where tax dollars are allocated and how these expenditures impact affordability in Port Moody.
Approximately $500,000 is equivalent to 1% of your property tax paid. There are many cases where council had the opportunity to restrict spending on non-core services, here is an example:
New initiatives fund $500,000.
This fund is created by council for council to spend each year and is budgeted for 5 years. If required the fund can be topped up from reserves and is indexed for inflation.
I disagree with this fund for 3 reasons:
1- There is NO ACCOUNTABILITY for this fund.
2- Spending requests should be driven by the City Manager based on what his staff requires to operate their city budget. It should be Council’s job is to review this process.
3- Council should not have a spending account independent of the city’s business, operated by city management.
When elected I will vote to dissolve this fund and return the money back to general revenue for use on City core services. It is time for Port Moody to live with its means.
The housing diversity strategy to increase housing and affordability is a blend of a few conditions.
First, affordability is an individual thing as it stems from your personal income. Therefore it is difficult to paint everyone with the same affordability brush. But we can take steps to increase everyone’s affordability in Port Moody by:
1- Reduce non-core city spending
2- Maximize revenue opportunities from home development sources, including the Community Amenity Charges (CAC) and Density Bonus.
(please note that the CAC and Density Bonus are only obtainable when building above 6 stories with FAR 2.5)
3- Create new revenue streams by revitalizing industry and attracting new business to Port Moody.
With lower taxes from additional city revenue, your income increases.
Next, we need to create more housing supply in different forms of housing available; studio; 1,2,3 bedrooms etc in townhouse and apartments.
So when you combine; more housing supply; more choices in that supply with less city spending, more city revenue, yielding more individual income we have created a more Affordable living space in Port Moody.
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Environmental Sensitive Areas –
The city intends to change the designated Environmental Sensitive Areas (ESA) from public land to all land within 15m from forested areas and 30m from the high tide mark in Port Moody. It is important for the city to protect these areas, however, the current proposal gives the city control over all potential changes to your private property, if your property falls within these designated areas.
If the ESA is adopted you will now have to comply with the specifications in the ESA Management Strategy.
If the City approves your submitted plan you will be required to purchase a permit to begin your project and comply with the Environmental Development Permit Area (EDPA) guidelines. There are some exemptions for minor property changes but, you would still need to go through the process to be granted the exemption from the City.
I do not support this bylaw change, as it is contradictory and restricts the autonomy of homeowners. The proposal needs more community input and adjustments before being implemented into practice.
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AFFORDABILITY
& HOUSING–
Over the last (number) of years, our property tax has significantly increased with minimal justification from the homeowner's point of view.
An eye opener for me was during the pandemic in 2020, when The City of Port Moody showed that it can fully function on a 3% bare bones property tax rate.
In 2021, the proposed property rate was an increased rate to 4.5%, with no additional reasoning for the increase in midst of the pandemic. The obvious negative response from our community resulted in the council going back to the drawing board, which after more discussion, ended up settling on an increased rate of 3.55% for property tax.
The same process happened again in 2022. Port Moody Council announced property tax to be at a hugely significant increase of 7.81%, which again, ignited resident resistance. After discussion, the proposal dropped to 5.97%, and then finally settled on 4.71% for this year.
My question is - Why the large fluctuations? and what is the accurate number that delivers the services, decreases city debt and keeps the cost of living affordable for our residents?
My approach would be to present a transparent rate for tax increases based on city needs rather than a bloated budget with nonproductive spending. I will also be taking a closer look at the City Budget to ensure that tax dollars are being allocated to departments and projects that support the goals of the community and its residents while taking additional steps to decrease Port Moody's debt.
The ultimate goal is to eliminate unproductive spending to improve affordability in Port Moody.
Property Tax barometer:
1% of property tax equals $500,000
We pay $500,000 in interest on our city debt annually. If there is additional revenue at the end of the year, we should work on reducing the $23,000,000 debt.
The New Initiatives Fund ($500,000) is primarily used for spending on council-driven items. I would divert this fund back into general revenue to pay for needed services and/or debt reduction. This will automatically decrease Port Moody's property tax by 1%.
Consultant fees alone have increased 70% since 2016 (see chart). Only a portion of these are driven by the council, but you see the trend. Departments are overburdened and unable to focus on certain areas each year, and its causing our budget to be overspent inefficiently. Cutting out the erroneous council spending, and building better communication between departments will drive the tax rate to a stable and more predictable amount each year.
On the constructive side, the Asset renewal fund is also $500,000 per year. This account is supposed to be a reserve to maintain ageing city buildings into the future. It's a great idea, but on many occasions the council has been overspending and dipping into this reserve. It's time that the City live within its own means, just as the rest of us have to in difficult times.
This is a very individual but complex concept. Whether you are just starting out on your own or building your career, family or slowing down to retirement. In each case affordability impacts each of us differently. This is why the Official Community Plan (OCP) is the tool ne
eded to guide Port Moody to adjust to the changing needs of our community.
Through the OCP we can address housing types and form; park space and business space.
We have four new community changes coming over the next 10 years: Coronation Park, Moody Centre, Flavelle Ocean Front, and Peller (Andre’s) Westport Village.
This our opportunity to address affordable living, city revenue, and future of Port Moody.
Port Moody needs to live with its means!
When we discuss affordability in Port Moody, we equate that to what it costs to live here.
The City collects residential, commercial, light and heavy industrial taxes. The taxation revenue combined with revenue from other sources is pooled together to pay for Port Moody's total expenses (services).
This Chart shows what happens when one source of revenue starts to decline. To make up for the shortfall in total tax revenue, the Mill rate is adjusted on the remaining tax sources and those start to increase. This is clear, as shown in the chart.
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Municipal mill rates for light industry for all 13 cities in the GVRD calculated as a % of all the mill rates.
Municipal mill rates for light industry for all 13 cities in the GVRD calculated as a % of all the mill rates.
The increased tax pressure reduces affordability. When you compare our mill rate to other cities in the region it is easy to see why light industry business exit Port Moody. As businesses leave, this also increases tax pressure on the remaining tax sources, compounding the decline in an affordable Port Moody.
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