January 14, 2019 10:09 pm

City of Port Moody proposes 7% tax hike, but number likely to come down

Port Moody Mayor Rob Vagramov

Port Moody Mayor Rob Vagramov

City of Port Moody
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Don’t freak out quite yet — that’s the message from Port Moody Mayor Rob Vagramov.

The city’s draft report to its finance committee says the 2019 budget will increase by $2,997,500.

That means residents could expect a 7.36 per cent tax increase.

According to the report, the increase is due to a multitude of things, including a budget increase for the Port Moody Police Board and new services added to the base operating budget.

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However, Vagramov says this is only a draft.

“At this point, we literally have not carried a single motion that’s related to this,” he said.

Vagramov says that normally, the budget would be done by now, but because of the timing of the election, the city is behind schedule

“Usually, we come out with a number that we’ve already looked at, we’ve already vetted, we’ve already cut, and because of the election, we’re delayed by a number of months here, by getting the budget out the door,” he explained, adding that the budget still needs to go through financial meetings and a public consultation.

Residents can attend the consultation on Jan. 29.

© 2019 Global News, a division of Corus Entertainment Inc.

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