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
For more information, download the 2019 Long Term Financial Planning Strategy and the 2019 Financial Condition Scorecard.
Media Contacts
Genevieve Ricciardella
Communication Specialist
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.
