Council tax will rise in the City of London for the first time since 2009.
The Court of Common Council last week signed off on a 2.99% increase that will come into effect on 1 April.
An adult social care precept of 2% will be introduced to help in meeting additional social care costs for Square Mile residents, including the elderly.
Meanwhile, the business rates premium will be increased by 0.1p, rising to 0.6p in the pound – a move supported at a recent ratepayers’ consultation.
This will be used to enable the City of London Police to meet increasing demands to provide new services and to maintain security across the Square Mile.
The Court of Common Council also approved the establishment of a Fundamental Review of priorities designed to align resources to the City Corporation’s Corporate Plan and to deliver a sustainable medium-term financial plan.
Jeremy Mayhew, chairman of the finance committee, said: “Elected Members agreed a series of prudent steps to help to maintain the sustainability of our finances over the medium-term.
“It is vital that the City Corporation has a robust financial plan so that it can continue providing high quality, efficient services for workers, residents and visitors.”