News Release: April 12, 2018
Region of Peel Ends Financial Year with Budget Surplus
BRAMPTON, ON. (April 12, 2018) – Today the Region of Peel announced that after implementing the 2017 Operating Budget of $2.3 billion it has ended the year with a $23.0 million surplus for its tax-rate supported programs and a $7.1 million surplus for its utility-rate supported programs. This represents a 97.8% accuracy relative to the budget.
The Region will use $17.4 million of the surplus from its tax-rate supported programs to help fund the new Senior’s Health and Wellness Village with the remaining balance placed in reserves. The surplus from its utility-rate supported programs will be placed in reserves to sustain Peel’s water and wastewater infrastructures.
“Managing the budget and surplus actions demonstrate our continued commitment to sound overall financial management and to maintain financial flexibility to adapt to Peel’s changing environment,” said Stephen VanOfwegen, Commissioner of Finance and Chief Financial Officer. Regional Chair Frank Dale added, “Throughout the year, despite facing changes in the economy, commodity markets and legislative environment, we continued to deliver services within budget to ensure the needs of residents and businesses in our growing community were met.”
Media Contacts:
Genevieve RicciardellaSpecialist, Corporate Communications
Region of Peel
905-791-7800, ext. 4672
About Peel Region
In 2024, Peel Region marks its 50th anniversary. Peel Region works with residents and partners to create a healthy, safe, and connected Community for Life for approximately 1.5 million people and over 200,000 businesses in Brampton, Mississauga and Caledon. Peel's services touch the lives of residents every day. For more information explore peelregion.ca and follow us on X @regionofpeel and Instagram @peelregion.ca.
On December 13, 2023, the Ontario government announced that Peel Region will not be dissolved, and that Bill 112 legislation will be updated to reflect service delivery in Peel. Services for residents and businesses will continue without interruption. For updates and more information, visit Peel's transition page.
