London City Hall
The City of London ended its fiscal year with a $ 23.6 million surplus, approximately two percent of its $ 1 billion annual budget.
City officials say the extra money came from higher-than-expected revenues and some surprise funding from the province, including roughly $5 million from landfill tipping fees and money to help cover childcare and homelessness programs.
“We’re not over budget,” said Ward 12 Coun. Elizabeth Peloza. “This was money coming back, some of it was earned revenue.”
City hall says the funds won’t sit unused. Some will be saved in reserve accounts to help cover future roadwork and other major projects. Some will go toward paying off debt, which can help lower future costs.
With colder months approaching, council is also looking at urgent needs, including opening emergency warming centers and funding a proposed plan for 60 modular housing units for unhoused residents.
“We already know we have more neighbors needing shelter than spaces available,” Peloza said. “Especially in cold weather, it becomes quite dangerous.”
City council is expected to debate how the surplus will be spent. Residents will also have a chance to share their opinions during the city’s budget update this fall.
