The Regional Municipality of Durham


News Release

Durham Region maintains Standard & Poor's Triple A credit rating

WHITBY, ON April 02, 2014 – The Regional Municipality of Durham has once again had its Triple A credit rating, with stable outlook, reconfirmed by Standard & Poor’s (S&P), making it one of just six Canadian municipalities with this outstanding reputation.

“Regional Council’s commitment to long-term financial planning has provided Durham Region with the flexibility to fund costs related to population growth and priority service enhancements,” said Roger Anderson, Regional Chair and Chief Executive Officer. “This rating, coupled with our best practice financial policies and low debt burden, makes Durham Region a leader in fiscal responsibility and integrity.”

According to S&P, the Region achieved this credit rating due to its strong financial management practices, which include prudent up-front financing of capital infrastructure projects, minimizing debt issuance and ensuring adequate reserves to fund future liabilities and requirements. These financial strategies help the Region maintain financial flexibility when faced with risks and unforeseen expenditures.

“This rating demonstrates, to residents, that their tax dollars are being managed responsibly,” said Regional Councillor Don Mitchell, Chair of the Finance & Administration Committee. “When it comes to finances, the Region is cost effective, accountable and transparent.”

Each year, the business planning process begins with the development of a multi-year economic and financial forecast.

“This annual review of long-term operating and capital cost pressures, available financing and the economic and fiscal environment, assists Regional Council in the prioritization of expenditures across program areas,” said Jim Clapp, Commissioner of Finance.

This S&P rating complements other notable financial achievements this year. Moody’s Investors Service of New York affirmed Durham’s Triple A credit rating; and the Region received Government Finance Officers Association of the United States and Canada awards for both its 2013 Business Planning and Budget process and documentation, and the Annual Report for the fiscal year that ended Dec. 31, 2012.

 

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