The average homeowner in London faces $76 increase in property taxes after politicians put their support behind a 2.7 per cent hike on Monday.
Sitting as a committee of the whole, councillors put the finishing touches on budget deliberations that go for a final debate and approval Feb. 12. That included approving capital amendments for a roofing job at the London Convention Centre and a paint job for the Covent Garden Market’s parking garage.
“The idea is to do some painting that’s going to prevent further deterioration in the concrete,” said Deputy Mayor and Ward 4 Coun. Jesse Helmer. “If the paint is chipping away, then water can infiltrate and start to affect the concrete and accelerate the deterioration.”
It’s spending a “little bit” of money — $50,000 in this case — to prevent bigger costs in the future, Helmer explained.
“A lot of the capital project amendments, because we do the multi-year budgeting, what we’re doing is really re-aligning them,” he went on. This is the final year of London’s 2016-2019 budget.
During a much longer meeting last Thursday, councillors reviewed the city’s operating budget and had a contentious debate that led to scrapping a minimum wage increase to $15 for entry-level seasonal staff.
The city is on track for a 2.7 per cent tax hike, which equates $76 for the average homeowner based on a property assessment of $211,000.