Annual Budget Update
On February 14, 2023, London City Council approved the 2023 Annual Update to the Property Tax, Water and Wastewater & Treatment budgets. This update represents the last update of the 2020-2023 Multi-Year Budget period.
As a result of the changes approved through the 2023 Annual Update, residents will see the average four-year tax levy increase reduced from 3.6% after the 2022 Annual Update to 3.4%, resulting in an average annual tax increase of $102, a decrease from $109 (based on an average residential property with an assessed property value of $241,000 in 2019).
The annual budget update is a critical component in the multi-year budget process that allows the flexibility for Council and Civic Administration to make any budgetary course corrections necessary to ensure the necessary financial resources are aligned with the programs and services Londoners rely on
Previous Annual Budget Updates
2022 Approved Annual Budget Update
2021 Approved Annual Budget Update
The City's first Annual Budget Update to the 2020 to 2023 Multi-Year Budget was approved by Municipal Council on January 12, 2021. A combined Executive Summary of this annual update is provided in the following document:
Below you will also find the detailed approved Annual Budget Update documents for the property tax, water rate, and wastewater rate supported budgets.
What is an Annual Budget Update? Why is it necessary?
What is an annual budget update to the multi-year budget?
An important element of the Multi-Year Budget is the annual budget update process. It is required under the Municipal Act, 2001.
- Council must readopt the budget that year, and each subsequent year, for which the multi-year budget applies.
Annual budget updates provide Council the opportunity to change the budget for special circumstances that require funding and resource adjustments. This can be done by one of three types of budget amendments:
New or Changed Regulation - A new or changed legislation or regulation with a financial impact to the municipality
New Council Direction - A new Council direction that has transpired after the approval of the multi-year budget
Cost or Revenue Driver - A corporate or service area budget shortfall as a result of changes in economic conditions