2024-2028 Financial Plan

Council Priorities

The City’s draft budget and service delivery for 2024 are guided by the 2023-2026 Council priorities along with community feedback received throughout the year through the annual budget survey and other public consultation.

Overall, the draft budget reflects the City’s ongoing focus on getting the basics right – planning and providing core municipal services (such as roads, utilities and other infrastructure, safety and recreation) that matter to residents and businesses.

External Factors

• Increased costs based on regional or provincial contract negotiations, including CUPE representing civic workers and IAFF representing firefighters,
• Rising costs from the RCMP contract and Public Safety Building due to inflation and the federally-negotiated collective agreement,
• Increased costs from external service providers such as Fraser Valley Regional Library and Metro Vancouver water, sewer and waste services,
• Inflation and escalating costs for supplies and labour for capital projects, and
• New responsibilities from provincial legislation related to accessibility and housing, leading to significant new costs.

Reducing the Tax Burden

Tactics to reduce taxpayer impact included a line-by-line review of proposed expenditures and revenues, deferral of non-critical items, selective use of reserves and surplus accounts, and leveraging of provincial and federal grant funding.

As a result, Port Coquitlam’s proposed tax increase for 2024 is well below average in Metro Vancouver based on reported information. Over the past five years, the City’s tax and utility increases have been half the regional average. See the How We Compare section below.

The City’s annual budget pays for a wide variety of important City services (see the Where Do My Taxes and Levies Go tab below.)

In addition to maintaining current service levels and setting aside funds for replacing and renewing infrastructure, the 2024 budget will fund enhanced services such as:

• Improved safety: One new firefighter,
• Enhanced special events: Includes the grand opening of the upgraded Leigh Square and support for City and community events,
• Improved waste services: Formalizing the large-item pickup program and developing a curbside glass collection program for rollout in 2025,
• Increased support for cybersecurity and technology to deliver services,
• Access support: Removing barriers for access to City recreational programs, and
• Assistance for community organizations: Providing with operating grants.

The budget will also bring some new staff and improved services without any impact on the tax bill. These include:

• Improved safety: Additional bylaw officers who will provide a stronger bylaw presence on the streets around the City, funded through increased revenue from bylaw enforcement,
• Reduced approval time for housing projects: Additional planning staff that will allow the City to process more development applications, funded through increased development revenue,
• Dedicated attention for the City’s land holdings: A new real estate manager, funded through the savings in real estate fees,
• Increased recreation services: Additional program resources at the Port Coquitlam Community Centre, funded through increased program fees, and
• Optimal maintenance and cleanliness of City recreation facilities: A new facility maintenance coordinator, funded through increased concession and program revenue at Port Coquitlam Community Centre.

The annual budget also funds a variety of capital improvements through the 2024-2025 Capital Plan.

Municipal property taxes and levies for the average Port Coquitlam home (assessed at $1,078,237) are proposed to increase in 2024 by 5.58 per cent – one of the lowest proposed increases in the region. A similar increase is proposed for business taxes.

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Utility increases primarily relate to a new data-driven, equitable utility levy structure the City is moving to, based on housing type (single-family home, townhomes, apartments and secondary suites). The impact is being phased in over five years starting in 2024.

Please note: These figures are based on 2023 property assessment values and do not include the regional and provincial taxes that also appear on the annual property tax bill.

See below about the potential impact of a property’s assessed value..

Pay Monthly

Sign up for the City’s Prepayment Plan to pay next year’s tax and utility bills in easy monthly installments.

A property’s assessed value determines its share of taxes. The assessments provided by BC Assessment each January indicate how much Port Coquitlam property assessments increased or decreased from the prior year.

For Port Coquitlam, the 2024 assessments showed an average 3% increase for single-family and multi-family homes.

Properties whose value has increased or decreased more than other typical properties of the same type will experience a tax rate that differs from the average. For more details, see the assessment mailed to you in January.

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This is how your annual City property taxes and levies are applied to a wide variety of important services and programs.

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Port Coquitlam has established a track record of lower-than-average property taxes and utilities when compared to other municipalities in Metro Vancouver and is on track to continue that trend in 2024 with one of the lowest proposed tax increases in the region.

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