Tuesday, January 12, 2016
City of London
City officials table 2016-2019 multi-year budget
Today, City of London administration tabled the 2016-2019 multi-year budget. The starting point for the multi-year budget as proposed to City Council contains an average annual increase of 2.6%.
“While the City has presented multi-year forecasts in the past, this is the first time Council will be approving budgets for the next four years. Moving to a multi-year budget has many benefits including better alignment of long-term Council goals and objectives with appropriate funding plans,” said Martin Hayward, Managing Director, Corporate Services and City Treasurer, Chief Financial Officer.
2.6% equates to an annual average increase of $71 (based on the average home price of $221,000). This is considered the starting point as this increase results from existing programs and services.
City Council will now decide which new or expanded initiatives from their 2015-2019 Strategic Plan, passed on March 10, 2015, will be funded. This could result in an additional increase of 0.5% which equates to an additional $14 (based on the average home price of $221,000).
When combining the two, Londoners could be looking at an annual average of 3.1% ($85 based on the average home price of $221,000).
"Pivoting to multi-year budgeting will link this process directly to Council's four year strategic plan. It will allow us to both identify our priorities for this term and align them with the resources needed to execute on them," said Mayor Matt Brown. "This process will help us plan better for the short, medium and long term. It is another step we are taking towards creating a more open and forward-looking local government."
Civic administration also presented the 2016-2019 water and wastewater treatment budgets. City Council approved the water and wastewater rates and charges on December 8, 2015 in keeping with the utilities’ long-term plans. The 3% increases effective January 1, 2016, translates into an approximate $24 increase for the average residential ratepayer consuming 165.4 m3 of water per year. Rate increases for 2017 to 2019 are projected to be 3%.
Get involved in the multi-year budget
As in previous years, the City wants to hear from residents on their spending priorities and what is most important to them. Today, the City launched its annual budget simulator, www.buildabudget.ca that allows Londoners to learn more about and provide input on budget allocations.
Other ways to get involved in the budget process:
- Tweet us at @CityofLdnOnt or #LdnBudget
- Find us on Facebook
- Email budget@london.ca
- Call Financial Planning and Policy at 519-661-4638
- Register for one of our Build a Budget Workshops on January 16 and January 20 at Goodwill Industries
Public input gathered during the budget process is provided to members of Council for their consideration during the period of January to March.
For more information on the 2016-2019 multi-year budget visit www.london.ca/budget.
Media Contact:
Rob Paynter
Director, Communications
City of London
rpaynter@london.ca
516 661-2500 ext 4783
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