London City Council has approved the 2018 annual budget update, which includes a 2.8% tax levy increase for local residents.
Council approved the 2.8% increase, which was originally approved for the 2016-2019 multi-year budget, during Tuesday's meeting. The increase will mean a tax increase of $77 for the average rate payer with a home assessed at $221,000 in 2015.
To ensure the tax levy increase did not exceed 2.8%, council incorporated savings from the vacancy tax rebate program, which had been phased out. Council also utilized 2018 assessment growth revenue which exceeded the costs of service growth.
The budget update includes a gross operating budget of $920-million and a capital budget of $159-million.
Council also maintained the average annual rate increase of 3% for water, wastewater and treatment. The increase amounts to an $11 increase per year for water, and $14 increase per year for wastewater and treatment for the average rate payer.
A motion was also passed on Tuesday to request that administration look for savings in 2019 to further reduce the tax levy increase for that year.
A number of budget amendments were approved by council that maintain the annual tax levy. The amendments are listed below:
Operating Budget Amendments
- Funding to continue the London Music Development Office on a temporary basis
- Funding to accommodate an increase to councillors’ annual compensation, effective with the commencement of the next term of council
- An operating budget increase provided to the Upper Thames River Conservation Authority to support the implementation of its recently approved strategic plan
- An operating budget increase to support maintenance, security and activation of Dundas Place
- The elimination of the annual payment (City of London subsidy) to the Stiller Centre
- Increase revenue from an Ontario Works administration subsidy due to a higher average portion of the provincial case load
- Funding to support the provincially legislated increase to minimum wage
- A confidential matter that will not be made public and was only heard by council
- Invasive Species Management Strategy
- London Police Service - capital plan changes
- Exterior lighting redesign and replacement for all London & Middlesex Housing Corporation sites
- Realignment of Parks projects associated with Growth
- Deferral of new Fire Station 15 (southeast)
- Adelaide St. - CPR grade separation
- Western Rd. widening - Platts Lane to Oxford St.
- Realignment of Transportation projects related to Growth
- Dundas Place field house
- Farquharson, Glen Cairn & Silverwoods arenas decommissioning
- Relocation of existing resources to new Fire Station 16 (Wharncliffe Rd)
- Western Rd. & Philip Aziz Ave. improvements deferred
