Citing “very strong financial management,” Standard and Poor’s rating services (S&P) has reaffirmed the City of Mississauga’s ‘triple-A – stable’ credit rating for the 15th straight year.
In this year’s report, S&P said, “Mississauga’s competitive tax rates, proximity to major markets and extensive transportation infrastructure network have aided its economy and helped attract and retain investment.” The report goes on to say the city has “very good budgeting practices” that include multi-year business plans, operating budgets and a three-year outlook.
“Council has made it a top priority to hold the line on taxes, identify savings and attract new investment to our city,” said Mayor Bonnie Crombie. “I’m thrilled that Mississauga is being recognized as a municipal leader in fiscal management. Mississauga is in a strong and stable financial position thanks to the ongoing efforts of city council and staff. This positive financial outlook gives companies the confidence they need to invest and grow in our city.”
S&P added that companies in the life sciences, advanced manufacturing, financial services and information and communication technology sectors have helped to boost Mississauga’s economy.
“We believe that continued growth and diversification will further strengthen the city’s economy and help it weather tough economic cycles,” said S&P, in the report, adding that an exceptional liquidity position added to the city’s strengths.
Mississauga’s Long-Range Financial Plan is a snapshot of the city’s current and anticipated financial position over the next 10 years. The plan supports the vision of the city’s Strategic Plan: Our Future Mississauga. The city’s Annual Report Highlights reflect its commitment to transparency in financial reporting.
Visit mississaugaca/financereports to learn more about Mississauga’s finances.