Access the approved Municipal Budget here.
Today I have tabled London's 2024-2027 Multi-Year Budget (attached) which will result in an 8.8% tax increase in 2024, followed by 8.6% in 2025, 5.7% in 2026, and 6.5% in 2027, for a four-year average of 7.4%.
Above all else, this budget prioritizes investments in three critical areas: public safety, housing affordability and homelessness, and transportation. It contains the single largest public safety investment in London's history, representing more than half of the entire 2024 budget increase, or 5.0% of the 8.8% tax increase. The cost is significant, but the cost of doing nothing - as we've all seen - is far greater.
Beyond that, this budget is focused largely on housing affordability and homelessness, and transportation. It includes tens of millions of dollars to support the creation of more affordable housing, reduced processing times for planning and development approvals, and substantial increases in paratransit service.
Beyond that, this budget is focused largely on housing affordability and homelessness, and transportation. It includes tens of millions of dollars to support the creation of more affordable housing, reduced processing times for planning and development approvals, and substantial increases in paratransit service. I have spent nine years on Council, serving as budget chair for two previous multi-year budgets, and have never had to say 'no' to as many requests for expansion as I have during this process. Had every business case been approved, the property tax increase for 2024 would've been approximately 14.0%. I have worked diligently to reduce the strain placed on taxpayers, while at the same time, maintaining levels of service expected by Londoners, and making strategic investments where demand is overwhelming.
Aside from focusing heavily on public safety, housing affordability and homelessness, and transportation, this Multi-Year Budget also contains $46-million in cumulative savings, $3.2-million in one-time reductions, and $10.7-million in permanent ongoing savings. Further, it includes an additional $15.5-million in tax relief in 2024 by returning unused contingencies earmarked for COVID-19. I am cautiously optimistic, that in the same way a potential 14% increase for 2024 was reduced to 8.8%, we will ultimately be able to reduce the impacts in 2025, 2026, and
2027 through ongoing service reviews, annual budget updates, and lower interest rates.
It is also worth noting, London is not the only municipality facing significant budget pressures. Many medium to large sized cities in Ontario are experiencing property tax increases equal to ours, and, in some cases, in the double digits. There will be opportunities for members of Council to propose amendments to the Multi- Year Budget starting on Thursday, in addition to further public feedback. Any amendments to the budget must be ratified by February 29th.
I remain firmly committed to ensuring all Londoners live in a safe, and prosperous community.