A Message from the Chair and Chief Administrative Officer
It is our pleasure to submit the 2007 Annual Financial Report for the Region of Peel. 2007 was another solid year for Peel. Our Strategic Plan V:2007-2010, approved by Regional Council on May 27, guides our work over the current term of Council. Our fifth strategic plan sets the broad direction for the future of Peel and defines who we are, what we do, and most importantly, who we do it for – the Peel citizens. The plan allows the Corporation to set priorities for resourcing and delivering services. Each strategic plan builds upon the previous iteration and utilizes community and employee consultation and research to develop the plan’s goals and strategic directions to address the needs of those living and working in Peel.
Peel maintained its track record of sound management, no debt and a considerable liquidity position. The regional economy continues to perform reasonably well despite the impact of the strong Canadian dollar and softening U.S. demand on Ontario’s manufacturing sector. Dominion Bond Rating Service Limited and Standard & Poor’s Rating Services reaffirmed Peel’s Triple A credit rating in 2007. Dominion Bond Rating Service summarized Peel’s strengths as follows:
- Record of strong financial management and planning;
- Sizeable liquidity position;
- Sound economic fundamentals;
- Relatively low property taxes and utility fees; and
- Low level of tax-supported debt.
Peel’s prudent operational, capital and fiscal management have helped the Regionmaintain these sound results in recent years. Peel benefits from a well-diversified service sector, central Greater Toronto Area location with access to Pearson International Airport and an extensive transportation network.
Peel welcomed Premier McGuinty’s announcement in August that the Province will be taking responsibility for fully funding the Ontario Disability Support Program and Ontario Drug Benefits for social assistance recipients beginning in January 2008 and phase out the transfer of Peel property tax dollars to the City of Toronto under the Greater Toronto Area Equalization Program. These changes should be fully implemented by 2013.
The Region of Peel continues to be a model of successful Regional government. In 2006 Peel became the first government in Canada to be fully accredited by The National Quality Institute and receive its prestigious Canada Award of Excellence Gold Trophy. The journey to excellence continues at Peel.
Chief Administrative Officer
Friday August 13 2010