The City of Barrie has maintained its double-A credit rating according to the latest report from Standard and Poor’s (S&P).
“S&P’s double-A credit rating confirms that Barrie’s economy is strong and will continue to support the future of our growing city,” says CAO Michael Prowse. “The city’s credit rating directly affects property taxes. Our budget process, coupled with our long-term fiscal policies, has helped maintain this solid credit rating, which means ultimately that our taxes are lower because of it.”
The report attributes the double-A rating to the city’s growing and diversifying economy, necessary investments in infrastructure to support a growing population, healthy liquidity position and strong financial management. The stable outlook reflects S&P’s expectations that Barrie’s economy will continue to expand healthily and its liquidity position will remain more than sufficient over the next two years.
“S&P’s positive rating reflects our outlook and future financial position,” said Craig Millar, finance director and treasurer. “City staff will continue developing long-term affordable plans to ensure we maintain this solid performance level.”
“The ratings on Barrie reflect our view of a growing and diversifying economy that is slowly progressing from a satellite community to one in which its labour force both lives and works there,” concludes the S&P report. “As a result of its growing population and consequent demand for more infrastructure, the city has entered a period of increased capital spending. We believe these higher spending needs in the short-to-medium term are well managed by experienced and prudent policymakers.”