Last night, London City Council approved the 2021 Annual Update to the 2020-2023 Multi-Year Budget, including a reduction in the 2021 tax levy increase from 4.4% to 3.4%. This reduction is primarily a direct result of investment deferrals due to the impact of COVID-19.
“Although the 2021 tax levy has seen a significant reduction, it is important for Londoners to know that the biggest budget amendments influencing this reduction are one-time deferrals,” says Anna Lisa Barbon, Managing Director, Corporate Services and City Treasurer and Chief Financial Officer. “City Council and Civic Administration are committed to the previously approved investments through the multi-year budget and will see these projects move forward, barring any additional impacts from COVID-19.”
As a result of the changes approved through the 2021 Annual Update, residents will see the average four-year tax levy reduced slightly from 3.9% to 3.8%, resulting in an average annual tax increase of $114, a decrease from $117 (based on an average residential property with an assessed property value of $241,000 in 2019).
The annual update is a step in the 2020-2023 Multi-Year Budget process that allows both the opportunity and the flexibility for Council and Civic Administration to make any budgetary course corrections necessary to ensure Londoners continue to receive City programs and services. The 2021 Annual Update is the first for the City’s 2020-2023 Multi-Year Budget.
For more information on the multi-year budget process, including the annual update and approved amendments, visit GetInvolved.on.ca/budget or London.ca/budget.