It doesn’t appear the pandemic has impacted Barrie’s credit rating.
The financial services giant Standard & Poor’s (S&P) has announced it has maintained the city’s ‘AA’ rating for another year, saying despite some budgetary stresses due to the pandemic, Barrie’s outlook over the next two years seems stable.
A report from S&P points to the city’s cost-containment efforts, diverse economy, growing workforce, and strong operating balance as reasons behind its decision to maintain the high credit rating. “Our strong financial management practices have maintained our rating,” says Craig Millar, Director of Finance. “The steps staff have taken to minimize economic impacts over the last six months have helped protect the City’s financial future.”
“A better credit rating saves our taxpayers real dollars, as it reduces the interest costs on borrowing,” said 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.”
The report is available in full on the City of Barrie website.