2023 Budget Update Tabling Presentation Dec. 6th FINAL

London.ca/Budget 2 2 1 Agenda • Refresher: Multi-Year Budget Process & Types of Budget Amendments • ESG Considerations in the 2023 Budget Update • Recap: Property Tax Supported Multi-Year Budget after the 2022 Annual Budget Update • Tax Policy & Key Financial Principles • Summary of 2023 Budget Update • Overview of Proposed 2023 Budget Amendments • 2023 COVID-19 Impacts • Inflationary Impacts – Op. [...] New infrastructure programs introduced by the federal and provincial governments should be assessed relative to the capital needs and priorities of the City and ability to fund these initiatives; • Ensure that reserves and reserve funds are kept at an adequate level to ensure the Corporation maintains sufficient liquidity; and • Debt is appropriate for certain large-scale growth and service improv. [...] W-2 Schedule Changes for Water Growth Projects ($8,075) $8,075 The need, scope, and timing of the projects in this budget amendment are under review as part of a servicing study that is expected to be completed by end of 2022 and incorporated in the next Development Charges Background Study. [...] 28 28 14 2023 COVID-19 Impacts • With the 2021 and 2022 Annual Budget Updates, and continuing with this 2023 Annual Budget Update, budget amendments have been included that allow for a direct response to impacts from the pandemic – demonstrating the flexibility of the Multi-Year Budget process. [...] • The 2024 to 2027 Multi-Year Budget will provide the best opportunity for significant changes to the City’s capital budget and 10-year capital plan – providing time to monitor inflationary trends over the coming months.