Mayor Morgan Statement on 2025 Annual Budget Update
October 28, 2024
LONDON, ON- Today, I have tabled the City of London’s 2025 Annual Budget update with a substantially lower property tax increase than was initially projected. The document now being put before members of the public and City Council for consideration contains a proposed increase of 7.4%, down from the original 8.7% projected in the Multi-Year Budget approved last year.
When I tabled the Multi-Year Budget last year, I promised to work relentlessly to find additional savings and efficiencies to lessen the burden on rate payers, while at the same time continuing to make strategic investments in services of greatest importance to Londoners. I’m grateful to Civic Administration and a variety of Agencies, Boards, and Commissions for sharing in that commitment, taking time to thoughtfully review their asks, and ultimately lessening the financial impact on taxpayers for the coming year.
Among other things, this budget contains $6.76-million in savings identified by Civic Administration, reductions to City Councillors’ expenses, $850,000 in savings from the London Police Services Board, $1.49-million identified by the LTC, and the Upper Thames Conservation Authority has committed to working within the reduced budget for 2025, reducing its budget increase request by 50%. All of these savings are a result of efficiencies and re-allocation of dollars, and will have no impact on services provided.
At the same time, this budget remains fully committed to previously announced investments in affordable housing, health and homelessness, public safety, transportation, and other core City of London services. The City of London currently spends $16 million annually on a variety of initiatives related to health and homelessness. Given that, I remain optimistic the Federal and Provincial Government will soon complete negotiations and deliver the City of London’s portion of a $250-million fund dedicated to addressing encampments, and moving people indoors. This was first announced in April, and without these funds, we simply will not be able to adequately resource a Winter Response Program.
I encourage Londoners to review this document, to reach out to myself or members of Council with feedback, and to participate at a public participation session at Budget Committee on November 19th. Formal deliberations will begin on November 21st, while final approval will come before the end of the year.
I am confident this budget strikes the right balance between fiscal responsibility and strategic investment in our community's priorities. Thank you to the Deputy Mayor, Budget Chair, Civic Administration, and Agencies, Boards, and Commissions for their work in getting us to this point, and I look forward to continuing our collaboration as we refine and finalize a budget that works for all Londoners.
City staff will be engaging with Londoners at various locations across the city prior to the budget public participation meeting on Tuesday, November 19. Find a location near you and stop by to connect with the team. Find out more at getinvolved.london.ca/budget.