Projected tax hike for London's 2025 budget comes in short of initial projections

City Hall

Property tax hikes in the City of London have come up short of what was projected.

According to a statement from the city on Monday, the projected tax increase for 2025 has come in at 7.4 per cent, which is down form the initial projection of 8.7 per cent projected in the multi-year budget approved last year.

The budget contains more than $6.5 million in savings through Civic Administration, reductions in councillor’s expenses, $850,000 in savings from the London Police Services board, $1.49 million from the LTC, and a reduced budget for the Upper Thames River Conservation Authority.

In a statement from Mayor Josh Morgan, he indicated that the reductions were as the result of “efficiencies and re-allocation of dollars, and will have no impact on services provided.”

One area that was not targeted for reductions was affordable housing, public safety, transportation and other core services - health and homelessness, which currently accounts for $16 million in expenses will also remain as projected.

Funding coming down the pipe to subsidize homelessness initiatives are providing something for the city to look forward to, as identified in Morgan’s statement, “I remain optimistic the Federal and Provincial Government will soon complete negotiations and deliver the City of London’s portion of a $250-million fund dedicated to addressing encampments and moving people indoors. This was first announced in April, and without these funds, we simply will not be able to adequately resource a Winter Response Program.”

Public participation for the 2025 budget is coming up at the Budget Committee's meeting on November 19.