Our 2017 Financial Condition Scorecard
The Three Pillars of Financial Sustainability briefly discussed our nine financial principles, used to achieve overall financial health and sustainability.
Each financial principle addresses a specific financial aspect and guides Council when making decisions related to service and program planning. When used in an integrated fashion, these principles help to balance the three fiscal pillars. The following is a brief description of the nine ﬁnancial principles:
- Respect the tax & utility rate payer –Tax and rate increases are reasonable and responsible
- Maintain assets – Budget for the replacement and repair of assets
- Ensure the Capital Plan is sustainable –The capital plan and its operational impact are affordable and sustainable over time
- Deliver value for money – Seek out innovative solutions, efﬁciencies and quality improvements
- Users pay where appropriate – Ensure user fees are utilized appropriately and that "growth pays for growth"
- Work with area municipalities to support economic viability of the community – Ensure the Region continues to be a desirable place to live, work and play
- Prudently invest – Maximize investment returns within Council's defined risk tolerance
- Mitigate signiﬁcant ﬂuctuations in tax and utility rates – tax and utility rates are consistent each year, avoiding big increases or decreases
- Borrow only for substantial long-term assets at affordable levels – manage debt to ensure a high quality credit rating is maintained
Each year, we measure our overall financial health using a financial condition scorecard. The scorecard is based on our Long Term Financial Planning Strategy and the pillars and principles already discussed.
Below you will find our 2017 Financial Condition Scorecard. Along with key indicators and our assessment, you will also find a summary of required actions in certain performance areas.
Here are some highlights from the scorecard
- Our net tax levy increase (2.3%) is in line with inflation (1 – 3%)
- We have maintained our AAA credit rating by S&P and Moody's
- The 2016 Focus GTA survey indicates that 75 per cent of our residents consider the programs and services offered by us are good value for their tax dollars
- We are on track with 9/12 targets