Glossary of Budget Terms

An independent body, typically (although not always) funded by the municipal tax base, that provide specific and/or specialized service to the London community.

This represents the estimated percentage increase to the aggregate tax levy from a business case. This is the four-year average of the annual impacts.

This represents the estimated dollar impact to an average residential property (excluding education tax portion and tax policy impacts) of a business case over the multi-year budget. It is the four-year average of the cumulative impact to an estimated residential tax bill.

Base Budgets represent the revenues and expenditures needed to continue to deliver existing services at the existing level.

In simplest terms, they are requests for funding or for specific initiatives which align with the City’s Strategic Plan.  They represent additional investments to enhance an existing service or deliver a new service. Business cases may result in decreases in funding required, either through discontinuation of a service, reduction in service level, or use of other funding sources to reduce the tax levy.

Areas operating within the Corporation of the City of London that provide services to the London community. Some examples would be Neighbourhood and Community-wide Services, Legal Services and Enterprise Supports.

The draft budgets are a starting point for the Budget Committee to review and then begin deliberations on in February. The draft budgets include details about base budgets, property tax legislative change business cases and business cases that have been brought forward for Council to determine whether to approve.

The draft budgets are preliminary, will bear much discussion and deliberation, and the final budget will be determined by the choices the Budget Committee will recommend to Council for approval.

Business cases brought forward to highlight and segregate impacts of legislated changes from other levels of government for which the City of London has little to no discretion to avoid while being required to maintain existing service levels.

The amount of funds that needs to be collected from all City of London property tax payers to cover the expenditures or portion of expenditures of services or a business case.