Plan and Manage Growth
Outcome: Increased ability for growth to pay for growth (no growth related debt by 2041).
Measurement: A reduction in the annual gap between projected development charge (DC) revenues and expenditures
Growth Debt Level
Effective planning will play a key part in helping us ensure that the expected population and employment growth in Peel over the next 25 years is sustainable, healthy, economical and supports prosperity.
Since the recession in 2008, the Region of Peel's planned revenue from development has not been realized, largely due to under-performance of the non-residential sector, as well as lower than expected high-density residential growth. The Region of Peel has accumulated $1.3 billion in debt for growth related infrastructure (e.g. water/wastewater and transportation).
It is anticipated that Peel Region could grow by an additional 500,000 people and 250,000 jobs by 2041. As the Peel community grows, we will need to closely monitor and manage the financial risk inherent with investing in long-term infrastructure prior to population and employment growth being actualized.
In 2017, we:
- Collaborated with Brampton, Caledon and Mississauga and the development industry to develop draft growth allocations based on where Peel Region is expected to grow over the next 25 years.
- Created joint employment and transportation strategies with Brampton, Caledon and Mississauga and the development industry.
- Achieved a lower debt level than forecasted of $569 million compared to the 2015 Development Charges Background Study.
View the full story of the Growth Debt Level in relation to cumulative growth deficit.