London city council got their first look at the draft four-year budget at a meeting on Monday afternoon.
The draft 2016-2019 city budget sets the base tax increase at an average of 2.6 per cent each year.
That means the average tax bill on a home valued at $221,000 is expected go up at least $71 per year over the next four years.
However, additional initiatives could boost that to 3.1 per cent per year - or $85 per year - depending on what new initiatives are included.
In a statement, Mayor Matt Brown says the release of the draft budget is just the first step in a long process that also involves the city's Strategic Plan.
"First we’ll review our base budget – both our City Hall budget and those boards and commissions budgets we fund. We’ll review the resources required to maintain service levels enjoyed by Londoners today.
"Second we’ll review the city-building priorities identified within council’s 4-year Strategic Plan...Finally, we need to look for efficiencies every day."
In June, council set a target for the annual tax increase in the multi-year budget of between 2.2 and 2.9 per cent, while the London Chamber of Commerce has recommended an increase in the two to three per cent range.
There are a number of opportunities for the public to weigh in on the budget talks, and it is expected to be finalized March 10.
