The 2014 city budget now calls for a 3.1% tax hike. This is 300% over the current .9% rate of inflation.
Over the long term, costs are out of control at the city
You can read the whole report here or look below for the highlights.
Here is what we found when we looked into it.
London: A Decade Deeper
City spending from 2002 to 2012
Debt grew 50% …from $264 million to $396 million
which now costs taxpayers $88.5 million per year to service
Spending grew 83.7% …from $518 million to $951 million
that’s 3.9 times the rate of inflation
Full-time Employees grew 14.2% …from 2,686 to 3,067
and seasonal employees grew 328% …from 505 to 1,656
Compensation per employee grew 72%
costing taxpayers $396 million per year, or 82.4% of city’s annual tax revenue
while the Canadian average inflation-adjusted wage has remained flat
Average Household Tax Bill grew 74.5%
that’s 340% more than the rate of inflation