Durham Region has maintained its Triple A credit rating with Moody’s Investors Service (Moody’s), being one of only eight Canadian municipalities to have been awarded this rating.
Durham Regional Chair John Henry says maintaining a Triple A credit rating from Moody’s is an “important achievement and reflects Regional Council’s long-standing commitment to long-term financial planning, fiscal sustainability and taxpayer affordability.”
“The accreditation also supports Durham’s reputation as a leader in fiscal management and gives our stakeholders confidence that we are managing their tax dollars responsibly,” he says.
According to Moody’s, “Durham Region benefits from a number of credit strengths, including low debt levels, economic diversity, a positive operating profile and conservative fiscal management.”
“The accreditation also recognizes the region’s adherence to multi-year financial planning as a major credit strength in response to Durham’s steady population growth and increased demand for regional programs and services.”
The budget process begins each year with the development of the annual asset management report as well as a multi-year forecast, which helps the region to identify and prepare for future challenges.
This long-terms financial planning approach allows key regional council priorities to be identified early in the budget process to allow them to move forward in consideration of the current economic environment.
Nancy Taylor, Durham Region’s commissioner of finance, says upholding the key ratings factors outlined by Moody’s, such as solid fiscal management, strong budgetary performance, and manageable debt burden, “reflects the principles of our long-term financial planning framework, including financial sustainability, flexibility and affordability.”
“This framework allows us to move strategic regional initiatives forward while accommodating program pressures, economic challenges, and uncertainties,” she says.