City of London 2024-2027 Multi-Year Budget Adopted

Last night, London City Council approved amendments to the Mayor’s Property Tax supported budget under the Ontario Strong Mayor’s Powers budget process. Mayor Josh Morgan this morning indicated that he will not be vetoing any Council approved amendments, and as such the City’s budget is deemed adopted as amended by Council. 

The 2024-2027 Multi-Year Budget includes a four-year average tax levy increase of 7.5%, representing an average annual increase of $277 for municipal services based on an average residential property. The first year of this multi-year budget includes a tax levy increase of 8.7% in 2024, representing an average increase of $286 based on an average residential property. 

“It’s been an honour to have chaired the budget process for London’s first strong mayor’s multi-year budget process,” says Elizabeth Peloza, City Councillor and Budget Chair. “This multi-year budget, in conjunction with our Strategic Plan, will provide current and future Londoners with a clear vision for a vibrant and prosperous forest city.”

“This has been a challenging budget process, but I am proud of Council for the time and care that went into each decision,” says Mayor Josh Morgan. “With all amendments having been finalized, the tabled budget is now Council’s budget. We have prioritized vital city services, and I know all members of Council are fully committed to ensuring these investments deliver on the types of results Londoners both expect and deserve. In the meantime, I can also ensure Londoners that work on lowering the projected tax increases for future years will begin immediately.” 

The City’s budget also includes the Water and the Wastewater & Treatment rate supported budgets. No amendments were made to the Mayor’s Water and Wastewater budgets. The Water budget includes a four-year average rate increase of 2.9%, equating to an average annual residential cost increase of $16. The Wastewater & Treatment budget includes a four-year average rate increase of 4.8%, equating to an average annual residential cost increase of $36.

“The 2024-2027 Multi-Year Budget represents the City’s third multi-year budget,” says Anna Lisa Barbon, Deputy City Manager, Finance Supports and City Treasurer. “The City’s multi-year budget process has continued to show its value in providing long-term planning while remaining flexible to react to major disruptions as seen over the last four years. This budget has been developed incorporating key elements of the City of London’s Strategic Financial Framework and continues to be a vital tool in putting London’s 2023-2027 Strategic Plan into action.” 

For more information on the multi-year budget process, visit our Get involved website.

Last modified:Friday, March 01, 2024