Winnipeg, MB - On the day City Council adopted its 2014 Operating and Capital budgets, the major credit rating agency Moody’s confirmed a stable outlook for the City of Winnipeg’s finances, maintaining an Aa1 rating. This endorsement follows a positive rating by Standard & Poor’s in November 2013, upholding their AA rating.
In a report, Moody’s noted that Winnipeg’s use of effective budgeting techniques has in recent years led to a series of solid fiscal performances, and an improvement in its financial position. The City uses a multi-year time horizon in its budget planning process, allowing it to identify challenges before they arise and develop appropriate strategies to address them.
“The City of Winnipeg’s disciplined fiscal planning and responsible approach to debt has resulted in another excellent financial rating,” said Mayor Sam Katz. “This financial position allows us to make major investments in our citizens’ priorities, now and into the future.”
Moody’s also noted that Winnipeg has strong governance and management structures including prudent financial systems and policies for both debt and cash management. Management of debt and the City’s considerable reserves also represent a source of liquidity that supports the Aa1 rating.
“After receiving news of Standard & Poor’s stable credit rating on November 29, 2013 I’m very pleased to see another independent confirmation that we are indeed on course with strong governance and a prudent financial plan for our city,” said Councillor Russ Wyatt, Chair of the Standing Policy Committee on Finance.
As a reflection of multi-year planning and conservative management policies, Winnipeg is able to manage fiscal challenges and generate results that meet or exceed fiscal targets. These fiscal management measures are also supported by the annual publication of highly informative and comprehensive financial statements.
Since November 2006, Moody’s rating for the City of Winnipeg has remained consistent.