Two city councillors say London should dip into reserve funds to offset future property tax increases.
Next week, Councillors Corrine Rahman and Jerry Pribil will suggest taking 3-million dollars from the reserve fund to offset tax increases over the next three years.
Mayor Josh Morgan said the money is council’s to spend, but warned using one-time dollars to cover on-going expenses would create a million dollar budget gap in 2028. “It certainly doesn’t have a sustainable path for beyond that, where I focus my work in the preparation for the budget is working closely with staff on the service review side of things, where we know we can find permanent long-term savings that are much greater than a million dollars.”
London is currently projecting an average increase of 7.5 per cent each of the next three years.