The draft 2012 City of London Budget (operating and capital) was presented to Council this afternoon. Civic Administration is proposing a draft budget that would result in a 2.3 per cent increase to the property tax levy (after 1 per cent estimated assessment growth).
If Council wishes to achieve the 1.4 per cent tax levy target approved in principle on May 31, 2011, it will have to work with the City’s departments, agencies, boards and commissions to find $4.2 million of savings. Council will also consider an annual incremental 1 per cent Special Economic Development Levy for the 2012 year and 2013 to 2016 forecast period.
The Special Economic Development Levy is considered a key $100 million investment by the municipality to stimulate the economy, create new jobs and leverage public/private funding partnerships for capital projects estimated at $700 million plus.
“I understand and appreciate the hard work and commitment that has gone into meeting the target set earlier this year by Council,” said Mayor and Budget Chief Joe Fontana. “I look forward to working together with Council, the Administration and our agencies, boards and commissions to see if we can bring this increase down to zero as committed, particularly as we are continuing to experience difficult economic times.”
2012 City Budget Talks Begin
Complete 2012 budget information is available to Londoners on the City’s website at www.london.ca/budget.
Highlights
The City invites residents to become involved in the budget decision-making process. During the three-month review process the public can attend public participation meetings as well as information sessions at shopping malls and City Hall.
City councillors and City finance officials will be available for budget consultation at shopping malls (Masonville, Westmount, White Oaks, Argyle, Cherryhill) on Saturday, January 14 from 10 a.m. to 1 p.m.
The first public participation meeting on the budget takes place at City Hall on Tuesday, January 17, 2012 at 4 p.m. Members of the public who wish to make a presentation at this meeting can call 519-661-2500 ext. 4599.
Council will give final approval to the budget at its meeting on Thursday, February 21, 2012.
Complete 2012 budget information is available to Londoners on the City’s website at www.london.ca/budget.
