York Region’s Fiscal Strategy yields strong credit ratings and financial stability now and for the future

December 22, 2023

Newmarket – In addition to approving the 2024 budget, York Regional Council endorsed the updated Fiscal Strategy, which helps ensure the Region’s long-term financial sustainability through prudent management of the capital plan, reserves and debt, as well as balancing the needs of current and future taxpayers.

S&P Global Ratings and Moody’s Investor Service recognize York Region’s Fiscal Strategy as an important factor in determining credit rating.

This year, York Region’s credit rating remained at the highest rating, AAA and Aaa, respectively.

Council endorsed key principles as determinants for the Fiscal Strategy include:

  • Keeping growth affordable and maintaining existing infrastructure
  • Preserving AAA credit rating
  • Maintaining fiscal flexibility to respond to evolving needs and economic changes
  • Treating current and future taxpayers fairly; aiming for intergenerational equity

To keep growth affordable and create complete communities, York Region must manage growth capital spending, aligning it with anticipated development charge revenue. Simultaneously, funding should be allocated to maintain existing infrastructure in good repair.

Due to anticipated reduced development charge revenues resulting from Bill 23, More Homes Built Faster Act, 2022, at this time, development charge shortfalls for 2022 and 2023 are expected to total $48 million and may be funded from operating surpluses and reserves. In addition to significant challenges due to Bill 23, More Homes Built Faster Act, 2022, the Fiscal Strategy supports provincial housing pledges, Minister’s Zoning Orders and other provincial decisions driving the need for additional or accelerated infrastructure. York Region is currently reviewing the December 13, 2023 provincial announcement and look forward to continued collaboration with provincial partners to ensure shared priorities of economic vitality and housing are met.

The Regional Municipality of York consists of nine local cities and towns and provides a variety of programs and services to more than 1.2 million residents and 55,600 businesses with more than 615,000 employees. More information about the Region’s key service areas is available at york.ca/regionalservices

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Media Contact:

Barbara Schnier, Corporate Communications, The Regional Municipality of York
Phone: 1-877-464-9675, ext. 71237 Cell: 905-505-5775
@email