News Release: April 12, 2018
Region of Peel Ends Financial Year with Budget Surplus
BRAMPTON, ON. (April 12, 2018) – Today the Region of Peel announced that after implementing the 2017 Operating Budget of $2.3 billion it has ended the year with a $23.0 million surplus for its tax-rate supported programs and a $7.1 million surplus for its utility-rate supported programs. This represents a 97.8% accuracy relative to the budget.
The Region will use $17.4 million of the surplus from its tax-rate supported programs to help fund the new Senior’s Health and Wellness Village with the remaining balance placed in reserves. The surplus from its utility-rate supported programs will be placed in reserves to sustain Peel’s water and wastewater infrastructures.
“Managing the budget and surplus actions demonstrate our continued commitment to sound overall financial management and to maintain financial flexibility to adapt to Peel’s changing environment,” said Stephen VanOfwegen, Commissioner of Finance and Chief Financial Officer. Regional Chair Frank Dale added, “Throughout the year, despite facing changes in the economy, commodity markets and legislative environment, we continued to deliver services within budget to ensure the needs of residents and businesses in our growing community were met.”
The Region of Peel works with residents and partners to create a healthy, safe and connected Community for Life for more than 1.4 million people and 173,000 businesses in the cities of Brampton and Mississauga and the Town of Caledon. Peel's services touch the lives of residents every day. Recognized as a leader in management and service delivery, the Region of Peel is the only government organization at any level to receive Excellence Canada's Platinum Award for Excellence, Innovation and Wellness®. For more information about the Region of Peel, explore peelregion.ca and follow us on Twitter at @regionofpeel.
Media Contacts:Genevieve Ricciardella
Specialist, Corporate Communications
Region of Peel
905-791-7800, ext. 4672