City of London budget

January 11, 2014
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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.

London A Decade Deeper 2002-2012

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