The draft 2024 to 2027 Multi-Year Property Tax, Water, and Wastewater & Treatment Budgets were released this afternoon as part of the agenda for tomorrow’s Strategic Priorities and Policy Committee meeting.
The draft budget incorporates the cost to maintain existing service levels, funding required to finance the City’s approved capital plan, budgets submitted by Agencies, Boards and Commissions, legislatively required changes to services, as well as additional investments for Council consideration.
“The multi-year budget is the tool to put the Strategic Plan into action,” says City Treasurer Anna Lisa Barbon. “In addition to maintaining existing services that Londoners rely on daily, this multi-year budget presents a variety of business cases that Council can consider for additional investment in their strategic priorities. Council will weigh affordability, financial sustainability, community priorities, and feedback from the public as they consider the budget business cases to approve a budget by-law in the new year.”
The 2024 to 2027 budgets represent the third time the City of London has undertaken a multi-year budget process, one which has continued to show its value in not only providing a long-term financial plan but also allowing the City flexibility to react to major disruptions and changes in direction as experienced during the COVID-19 pandemic and subsequent decades-high inflation.
This budget has been developed incorporating the financial principles, financial policies and financial practices that have been formalized in the City of London’s Strategic Financial Framework. These policies continue to be foundational to the long-term financial health of the City, as demonstrated through London’s continued Aaa credit rating which has been maintained since 1977.
City Council will formally receive the draft budget at the Strategic Priorities and Policy Committee Meeting on Tuesday, December 12.
Residents are strongly encouraged to participate in the many public engagement opportunities that exist from this release to budget approval in early March. Engagement opportunities begin in January in preparation for Council’s budget review starting in February. For a list of key dates and to view the draft budgets, please visit our Get Involved website.
Dates to remember:
- December 12: Staff release the Draft 2024-2027 Multi-Year Budget to Council and the public
- January 10-25: Budget Open House and events in the community
- January 29: Budget Public Participation Meeting # 1
- February 1-23: Budget Deliberations
- February 27: Budget Public Participation Meeting # 2
- March 5: Final approval of the 2024-2027 Multi-Year Budget By-law