An Efficient City

Enhancing services while keeping tax increases at the rate of inflation, reducing debt and replenishing reserves? Sounds difficult but that's exactly what we managed to do over the course of this term.  I'm proud of our financial record at City Hall.  The adoption of the first Multi-Year Budget has played a significant role in helping to restore stability to our finances, which helps to attract investment in our city. 

What we’ve done:

  • Introduced stable & predictable multi-year budgeting
  • Kept residential tax increases to an average of 1.7%
  • Reduced the City's Long-Term debt by 11%
  • Reduced the tax ratio between single-family homes and multi unit residential providing rent reductions for over 9,000 apartment-dwelling Londoners
  • Recognized by Moodys with a Aaa credit rating for strong fiscal management


What I’d like to do next:

  • Continue to keep tax increases below 3%
  • Eliminate use of debt for lifecycle capital replacement
  • Set Development Charges to promote infill and adaptive reuse of buildings
  • Reduce debt servicing costs

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  • Stephen Turner