News Release: April 25, 2019
Region of Peel Council Endorses 2019 Long Term Financial Planning Strategy
The Strategy is accompanied by the 2019 Financial Condition Scorecard
Brampton, ON. (April 25, 2019) – Region of Peel Council has endorsed the 2019 Long Term Financial Planning Strategy (the “Strategy”). The Strategy is used to identify and manage risks to long-term financial sustainability and inform decision-making about how tax dollars are spent. A Financial Condition scorecard is updated annually and its findings confirm that the Region is financially healthy.
“To withstand the increased financial pressure on services and programs, we have refreshed our Long Term Financial Planning Strategy to ensure the Region remains financially sustainable and is able to manage and mitigate risks impacting our fiscal health,” said Stephen VanOfwegen, Commissioner of Finance and Chief Financial Officer. “The updated strategy will continue guiding our decision making and further strengthen our ability to deliver value to the taxpayers of Peel today and into the future.”
Some highlights of Peel’s financial condition include:
- The Region has maintained AAA/Aaa credit rating by Standard &Poor’s Global Ratings and Moody’s Investors Services
- The 2018 Focus GTA survey indicates that 74 per cent of residents consider the programs and services offered by the Region are good value for their tax dollars
- The Region is on track with 10 of 12 targets and is taking action to mitigate potential longer-term risks ensuring continued financial health
An independent fiscal health assessment was conducted by Ernst and Young to assess the impacts of the 2013-2017 Long Term Financial Planning Strategy. It concluded that the strategy positively impacted financial health and helped to improve Peel’s overall financial condition.
Highlights of the assessment include:
- There has been an overall improvement in financial health as measured by the existing strategy, demonstrating a fiscally healthy Region that has been able to achieve the stated objectives of its financial strategy
- Through its actions as a result of monitoring the Financial Condition Scorecard and applying the strategy over the past five years, Peel has been able to maintain its AAA/Aaa credit rating from Standard & Poor’s Global Ratings and Moody’s Investors Services, even through a rapidly growing population and evolving economy
- Compared to peer jurisdictions around Canada, Peel’s Long Term Financial Planning Strategy is mature and comprehensive
The Region of Peel works with residents and partners to create a healthy, safe and connected Community for Life for more than 1.4 million people and 173,000 businesses in the cities of Brampton and Mississauga and the Town of Caledon. Peel's services touch the lives of residents every day. Recognized as a leader in management and service delivery, the Region of Peel is the only government organization at any level to receive Excellence Canada's Platinum Award for Excellence, Innovation and Wellness®. For more information about the Region of Peel, explore peelregion.ca and follow us on Twitter at @regionofpeel.
Region of Peel
905-791-7800, ext. 4672