News Formal

Council committee to discuss $31-million surplus in London, Ont., budget on Monday

  • 📰 GlobalCalgary
  • ⏱ Reading Time:
  • 33 sec. here
  • 5 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 61%

London City Council News

Budget Surplus,Municipal Budget,Politics

London, Ont., posted a $31-million surplus in 2023, thanks largely to investment returns. A councillor warns, however, that the fresh funds are unlikely to be used to lower taxes.

A council committee in London, Ont., will meet on Monday to discuss a new report that shows the city posted a $31-million surplus for 2023.

The extra money appears to have been caused by higher than anticipated interest rates, which helped city investments perform better than expected.Budget chair and councillor Elizabeth Peloza says some of the surplus is taxpayer money, but over half is income on investments made by the city. “We know interest rates have gone up and they’ve out-performed what we’ve budgeted for, which is terrible if you’re trying to borrow. But if you have investments, it’s great,” she said. “So, over $14 million came back to us that wasn’t even originally taxpayers money, but we invested generated revenue and came back to us to be reinvested in our community.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 50. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

London, Ont. releases list of top 10 construction projects for 2024The City of London has released its top 10 list of construction projects for this coming year, with a projected investment of $270 million across the city.
Source: GlobalCalgary - 🏆 50. / 61 Read more »