London city council has rubber-stamped its budget for 2021 as politicians approved a 3.4 per cent tax hike.
It is a smaller increase than the 4.4 per cent bump originally planned under the 2020-23 multi-year budget discussion in March 2020. The change will only impact the 2021 budget and not the budget in the two years to follow.
The document outlines $1.04 billion in city hall spending this year and saddles property taxpayers with a 3.4 per cent increase. That will mean $101 more for the average residential taxpayer with an assessed value of $241,000 last year.
The tax cut comes in part from a reduction in $500,000 in funding meant to close the infrastructure gap.
In March, councillors voted to increase the amount of money allocated to improve city infrastructure from $4.5 million to $7.5 million.
© 2021 Global News, a division of Corus Entertainment Inc.