Barrie has maintained its ‘AA’ credit rating for another year and the outlook is stable.
That from Standard and Poor, a financial services company whose annual report attributes the rating to the City’s cost-containment efforts, a diverse health economy, growing workforce and strong operating balance.
“A better credit rating saves our taxpayers real dollars, as it reduces the interest costs on borrowing,” says Mayor Jeff Lehman. “In this way, good financial management helps us keep taxes down. The City has made necessary adjustments during Covid-19 to cut spending to compensate for reduced revenue, while still maintaining essential services to our residents.”
Although there are some budgetary stresses due to the ongoing pandemic, S & P predicts a stable outlook for the City over the next two years.
To read the full report, click here
(Photo via City of Barrie)