MP Holder Announces Double Money for London

O T T A W A -  Member of Parliament Ed Holder is pleased to announce that the City of London will directly and immediately benefit from a decision by the federal Conservative government to expedite and double “gas tax” funding transfers to the City of London.  The City of London received $10,935,207 last fiscal year and will receive $21,870,415 this fiscal year.

Today, the federal Gas Tax Transfer doubled to $2 billion annually. The Gas Tax Fund (GTF) will remain at that level beyond 2014, when the Government makes it a permanent measure, providing municipalities with stable and predictable funding for their long-term infrastructure priorities.  Accelerating the first payment of the Gas Tax Fund by almost three months, the federal government is making up to $1 billion available to municipalities almost three months early.

“The funding was due to come in three months, but our government knows the need is immediate and that is why we are giving twice the money to the City and getting it to them early.  For stimulus spending to have the greatest impact, the money needs to be spent as soon as possible.  By transferring substantial funds to the City this week, we will help save jobs in London,” said Ed Holder.

The Gas Tax Fund is part of an ongoing commitment from the Government of Canada to create jobs and stimulate the economy through modern public infrastructure. It is also an example of all levels of government working together to improve infrastructure and the quality of life of Canadians.

“Both MP Joe Preston and I know that the London area has been hit hard by recent economic changes and we are both pleased that we can get this important funding to the municipalities early.  By getting the money now, instead of in the summer, there is a realistic opportunity that certain construction projects could be moved up a full year into this construction season,” added Mr. Holder.

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