2020-2023 Multi-Year Budget

City Council approves 2021 Annual Update to the 2020-2023 Multi-Year Budget.

On January 12, 2021, London City Council approved the 2021 Annual Update to the 2020-2023 Multi-Year Budget, including a reduction in the 2021 tax levy increase from 4.4% to 3.4%. This reduction is primarily a direct result of investment deferrals due to the impact of COVID-19.

“Though the 2021 tax levy has seen a significant reduction, it is important for Londoners to know that the biggest budget amendments influencing this reduction are one-time deferrals,” says Anna Lisa Barbon Managing Director, Corporate Services and City Treasurer and Chief Financial Officer. “City Council and Civic Administration is committed to the previously approved investments through the multi-year budget and will see these projects move forward, barring any additional impacts from COVID-19.”

As a result of the changes approved through the 2021 Annual Update, residents will see the average four-year tax levy reduced slightly from 3.9% to 3.8%, resulting in an average annual tax increase of $114, a decrease from $117 (based on an average residential property with an assessed property value of $241,000 in 2019).

Learn more about the Annual Update and the amendments presented:

Tabling Presentation: 2021 Budget Update Tabling Presentation

2021 Annual Updates:

2021 - Tax Supported Annual Update

2021- Water and Wastewater & Treatment Annual Update

Additional Budget Amendments:

• Budget Amendment #9 (Added) – Implementation of Strategic Objectives Related to Growing a Film Sector in London
• Budget Amendment #10 (Added) – Revised Implementation - 60% Waste Diversion Action Plan

Why a Multi-Year Budget?

A multi-year approach to budget allows for better alignment between the long-term goals of Council and the funding plans required to implement them and provides Londoners with a clearer picture of service areas and programs their property tax dollars support.

Listen to Kyle Murray, Director of Financial Planning and Business Support speak to the flexibility of the MYB and the need for the annual update in the video link below.