Today, the 2023 Annual Budget Update was tabled at a meeting of the Strategic Priorities and Policy Committee with a proposed 2.9% tax levy increase for 2023. In the 2023 Budget Update, there are 18 property tax budget amendments, including 15 operating and three capital budget amendments. Based on an average residential property with an assessed value of $241,000 in 2019, a 2.9% property tax increase would represent an increase of $92/year.
On March 2, 2020, London's City Council approved the 2020 to 2023 Multi-Year Budget making it the second time the City has approved a four-year budget. The 2023 Budget Update represents the third and final update to the 2020-2023 Multi-Year Budget.
Budget amendments allow for a direct response to impacts such as pandemic and inflationary pressures, demonstrating the flexibility of the Multi-Year Budget process.
“We are working hard to reduce costs for Londoners where and when we can,” said Anna Lisa Barbon, Deputy City Manager, Finance Supports. “The City remains committed to ensuring the efficient and effective use of taxpayer funds.”
Londoners can learn more about the budget update process at two in-person open houses planned on January 12, 2023 at City Hall, and one virtual information session on January 14, 2023. For more information, visit: getinvolved.london.ca/budget
The public can also provide comments at an upcoming Public Participation Meeting at the Strategic Priorities and Policy Committee on January 17, 2023.