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Fiscal Strategy remains York Region’s blueprint to continued financial sustainability

March 06, 2023
Fiscal Strategy guides the Regional Budget process

Newmarket – York Regional Council adopted an updated fiscal strategy and long-term debt management plan for 2023. First introduced in 2014, the strategy supports York Region’s long-term goal of financial sustainability through the prudent management of its capital plan, reserves and use of debt.

The Fiscal Strategy is guided by the following four key principles:

  • Keeping growth affordable and the existing infrastructure in a state of good repair
    • Align growth-related expenditures with anticipated development charge revenue and dedicating the funding needed to maintain existing infrastructure
  • Maintaining a “AAA” credit rating 
    • Both Moody’s Investors Service and S&P Global Ratings have awarded York Region long-term debt a Triple A credit rating, the highest possible
  • Maintaining the fiscal flexibility to respond to the evolving needs and economic changes
    • Continued, dedicated approach of carefully managing spending and building reserves
  • Treating current and future tax and ratepayers fairly by striving for intergenerational equity
    • Ensuring that no generation will be left financially worse off through the actions of another

The 2023 10-year capital plan will be approximately $10 billion. This includes approximately $6.2 billion for growth-related investments, including a projected $1.12 billion contribution towards the Yonge North Subway Extension as well as $3.8 billion for asset rehabilitation and replacement spending.

With careful management, York Region’s reserves are expected to grow to more than $4.3 billion and its outstanding debt to fall to $2.3 billion by the end of 2023.

The Regional Municipality of York consists of nine local cities and towns and provides a variety of programs and services to 1.2 million residents and 52,000 businesses with 636,000 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