Today, London City Council approved the 2023 Annual Update to the 2020-2023 Multi-Year Budget, including a reduction in the 2023 tax levy increase from 3.9% to 3.1%.
The approved update includes various budget reductions identified through City staff’s ongoing review of the municipal budget, as well as targeted additional investments to address emerging priorities.
“The 2023 budget update represents the final year of the current multi-year budget and provided the flexibility to find efficiencies and reduce the previously approved tax levy increase,” says Anna Lisa Barbon, Deputy City Manager, Finance Supports and City Treasurer. “While achieving this reduction, there have also been investments in several key initiatives. As we move forward, development of the 2023-2027 Strategic Plan is underway which lays the foundation for the upcoming 2024-2027 Multi-Year Budget.”
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. The 2023 Annual Update is the last for the City’s 2020-2023 Multi-Year Budget.
“We know London families are dealing with surging inflation, the likes of which we haven’t seen in almost 40 years. As a municipality, we have no control over the primary drivers of inflation. However, we can play an active role absorbing inflationary pressures to ensure Londoners are sheltered from their full brunt. That’s exactly what we’ve done with this budget,” says Mayor Josh Morgan. “We are not dramatically increasing user fees, bus fares, or costs of other public programs. Our property taxes remain among the lowest in Ontario, and we continue to make smart investments in areas most important to Londoners.”
For more information on the multi-year budget process, including the annual update and approved amendments, visit GetInvolved.on.ca/budget