Multi-Year Budget

In early 2023, development of the City of London’s third Multi-Year Budget will start.  It will cover a four-year period, 2024 to 2027.  This budget timeframe will be linked to the Strategic Plan developed by the Municipal Council elected in 2022.

If you have comments or questions about the Annual Budget Updates or the Multi-Year Budget process, please visit the City's Get Involved site for more information.  You can also reach out to the London Budget team at budget@london.ca

The Municipal Act, 2001 authorizes a municipality to prepare and adopt a budget covering a period of two to five years.  The City of London has chosen to utilize a four year period. 

Rather than approving a budget annually, Council approves budgets for the next four years, subject to annual re-adoption, to establish funding in support of achieving Council’s Strategic Plan. 

The last year of the multi-year budget is subject to reconfirmation by the new term of Council, also ensuring any changes are linked to the Strategic Plan.

A Multi-Year Budget allows:

• Better accountability between funding plans and costs of services to Londoners.
• Better aligns longer-term goals and objectives with longer-term funding plans.
• Provides greater certainty to residents about the future direction of their taxes.
• More efficient use of time and resources as the organization is not constantly preparing budgets.

Yes, 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 each year. Any changes that are required to make the budget compliant with the provisions of the Municipal Act, 2001, will be completed at this time. Annual updates will also provide Council the opportunity to adjust the budget to provide flexibility for events or circumstances that require funding and resource adjustments.

The operating budget outlines the City's spending plan to implement Council's goals and priorities. It is based upon service area day-to-day operations of programs and services, such as the cost of water supply and wastewater collection and treatment, transit, garbage collection and disposal, recycling, parks, arenas, recreation programs, road maintenance, libraries, policing and public health services. Examples of operating expenses include, salaries and wages, insurance, supplies, fuel and utilities. Contributions to capital reserve funds and debt servicing payments are also made from the operating budget.

The capital budget outlines the City's capital expenditure plan and related funding for assets and related programs, such as water and sewer infrastructure, roads, arenas and parks, which will provide or support services to residents over many years.  This budget pays for all new investments or rehabilitation of assets currently under the City’s control.  Examples of capital expenses include roads, bridges, parks, trails, community centres, sewers and water mains. Within the capital budget and plan, there are three classifications for capital projects: life cycle renewal, growth and service improvement.