City of London staff tabled the 2018 Annual Budget Update for the 2016-2019 Multi-Year Budget at Strategic Priorities and Policy Committee today. The update includes 19 budget amendment cases.
Staff recommends the 19 budget amendments be approved by Council, noting that the average annual tax levy from rates for the 2016-2019 multi-year period would rise from 2.8% to 3.0%. A 0.2% increase equates to an annual average increase of $6, increasing the average annual rate payer impact from $76 to $82 (based on the average rate payer owning a home with an assessed value of $221,000 in 2015).
Staff also presented seven capital amendments to the Water and Wastewater & Treatment budgets. The 2018 Annual Budget Update for Water and Wastewater & Treatment maintains the average annual impact on rates at 3% as identified in the 2016-2019 multi-year budget period.
“We are committed to offering valued services and programs to Londoners, making strategic investments in community priorities and ensuring the City’s resources are spent wisely to continue to maintain a strong financial position,” said Anna Lisa Barbon, Managing Director, Corporate Services and City Treasurer, Chief Financial Officer. “The annual update is an opportunity to make changes for special circumstances that require funding and resource adjustments within the multi-year period. This year two operating amendments are placing significant pressure on the budget which are out of our control. Although there are some cost pressures, the multi-year budget process is working.”
As part of the Multi-Year Budget process, annual updates are required by the Municipal Act, 2001 to review and readopt the budget for each individual year.
There are opportunities for Londoners to learn more about and comment on the 2018 Annual Budget Update and Multi-Year Budget process:
2018 Budget Update Sessions
Tuesday, November 7 from 6 p.m. – 8 p.m.
Byron Library, Byron Meeting Room
1295 Commissioners Road West
Thursday, November 9 from 6 p.m. – 8 p.m.
East London Library, East London Rotary Room
2016 Dundas Street
Public Participation Meeting
Wednesday, November 22 at 4 p.m.
300 Dufferin Avenue
Twitter: @CityofLdnOnt or #LdnBudget
For more information on the 2018 budget update and the 2016-2019 Multi-Year Budget visit london.ca/budget.