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City of Peterborough Holding Public Meeting To Hear Delegations On the Draft 2023 Budget
/A public meeting for delegations to City Council on the City of Peterborough’s Draft 2023 Budget will be held starting at 6 p.m. on Monday ahead of Council’s review of the budget documents.
It is occuring during a series of Finance Committee meetings from Jan. 16 to 19 announced on Wednesday.
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To register as a delegation for the meeting, please use the online form at peterborough.ca/delegation or call the City Clerk’s Office at 705-742-7777 ext. 1820. Delegates must be registered by 11 a.m. on Monday to speak at the public meeting. The meeting will be live streamed at peterborough.ca/WatchCouncil.
The Draft 2023 Budget is available at peterborough.ca/budget.
Council received a presentation on the Draft 2023 Budget at its meeting on Dec. 5.
Council is expected to consider approving the City’s 2023 Budget at its meeting on Jan. 30.
The Draft Operating Budget includes $326.6 million for programs and services, such as waste management, road maintenance, wastewater sewers and treatment, social assistance, affordable housing, recreation, arts and heritage, fire services, and policing.
The Draft Capital Budget includes $131.2 million for various infrastructure and capital projects such as road work, a household organic waste composting facility and collection equipment, flood reduction efforts, facility maintenance, funding for the planned replacement of a fire station, sanitary sewer repairs, construction of a new twin-pad arena, and police capital projects.
The Draft 2023 Budget includes a proposed 4 per cent increase in the all-inclusive property tax rate. The proposed increase would equate to an additional $5.63 monthly or an additional $67.61 annually per $100,000 of residential assessment.
Council approved the guidelines for creating the Draft 2023 Budget at its meeting on July 25 following a series of community consultation meetings, a survey, a public budget meeting, and a Council meeting when residents could present to Council on the budget guidelines. A What We Heard document that summarizes the survey submissions is available on Connect Peterborough, the City’s online community engagement hub, at connectptbo.ca/2023Budget.
2023 Budget process
March 17, 2022 – 2023 Budget survey opens
March-April 2022 – A series of five drop-in style consultation meetings
April 29, 2022 – 2023 Budget survey closes
June 22, 2022 – Public meeting on draft budget guidelines
July 25, 2022 – Council approves guidelines for creation of the Draft 2023 Budget
Dec. 5, 2022 – Council receives Draft 2023 Budget documents and Draft Budget is posted for public review
Jan. 9, 2023 – Public meeting on Draft 2023 Budget
Jan. 10, 2023 – External agencies present at Finance Committee meeting
Jan. 16-19, 2023 – Finance Committee meetings to review Draft 2023 Budget
Jan. 30, 2023 – Council considers approving 2023 Budget
The City of Peterborough Maintains ‘AA+’ Credit Rating
/The City of Peterborough has maintained an ‘AA+’ credit rating, citing the City’s “political and managerial commitment to disciplined fiscal policies” in its recently released Standard and Poor credit report announced Thursday.
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The ‘AA+’ rating is the second highest rating on the financial services company’s credit rating scale.
“Despite the current macroeconomic headwinds, we believe the City’s stable tax base will help Peterborough to maintain healthy budgetary performance,” says Standard and Poor, referencing the international and national economic conditions in a statement.
They referenced the City’s ability to internally finance most of its capital plan and use moderate debt issuance to fund the remainder.
Among the reasons and expectations for the City of Peterborough’s strong credit rating, Standard and Poor’s has cited:
Satisfactory financial management practices
The City’s political and managerial commitment to disciplined fiscal policies
An extremely predictable and supportive local and regional government framework that has demonstrated high institutional stability and evidence of systemic extraordinary support in times of financial distress
Municipalities have demonstrated a track record of strong budget results with debt burdens, on average, low compared with those of global peers and growth over time has been modest
Projection that the City will continue posting modest after-capital deficits of about 1.5 per cent of total revenues, on average, in 2020-2024
Liquidity will be a key strength.
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City Of Peterborough Receives AA+ Credit Rating
/Standard & Poor’s has upgraded the City of Peterborough’s credit rating to “AA+” from “AA” through its review of the institutional framework assessment for Canadian municipalities, reflecting their extremely predictable and supportive outlook.
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Standard & Poor’s is a financial services company that offers services including credit ratings, data analysis and equity research to both the private and public sectors worldwide.
The ”AA+” rating is the second highest rating on Standard & Poor’s credit rating scale.
The rating is an indication of the City of Peterborough’s strong, stable financial position and the fiscal management of the organization.
When Standard & Poor’s released its credit ratings last winter, it cited Peterborough’s diversified economy and prudent financial management.
“Bolstered by its diversified economy and prudent financial management, the city has weathered the difficult operating environment during the pandemic,” the agency stated.
Looking across the Canadian municipal sector, Standard & Poor’s announced last week that it was raising the ratings of 21 entities, including the City of Peterborough.
“Canadian municipalities have demonstrated resilient budgetary performance over the years, including during the dual economic and fiscal shocks of the 2008 financial crisis and more recently, the COVID-19 pandemic,” Standard & Poor’s stated in its rating sheet. “In times of stress, the municipalities have received exceptional support from senior levels of government.
“The requirement to produce balanced budgets while keeping pace with service and expenditure responsibilities, coupled with reduced pandemic-related grants, will likely lead to lower operating surpluses that are more in line with historical levels in the next two years. Nevertheless, we do not believe that a modest weakening in budgetary results will significantly affect Canadian municipalities’ creditworthiness in the next two years.”
Among the reasons and expectations for the City of Peterborough’s strong credit rating, Standard & Poor’s has cited:
Prudent financial management and supportive institutions;
Peterborough’s stable and diversified economy will anchor the city’s recovery from the effects of the COVID-19 pandemic, despite some obstacles related to its less-favorable socioeconomic profile;
The city’s strong financial management will help to maintain stability in the medium term;
A very predictable and well-balanced local and regional government framework supports the rating;
Peterborough’s debt burden will remain manageable despite an increasing capital program;
The city will maintain robust operating surpluses and after-capital deficits will remain less than 5% of total revenue, on average;
Despite modest new debt issuances and an increasing capital plan, tax-supported debt will stay manageable over the forecast horizon at an average of 46% of operating revenues; and
Liquidity will be a key strength.
