“We are very pleased to see Edmonton’s responsible stewardship of taxpayer dollars reflected in this rating,” said Todd Burge, Chief Financial Officer at the City of Edmonton. “It’s also very gratifying to see S&P’s financial outlook for our city revised upward to stable, from negative.”
The revised outlook reflects the fact that Edmonton’s debt burden is moderate and its budgetary performance is strong.
The 2016 report acknowledges that Edmonton continues to manage its finances well by:
- Very strong financial management with an experienced financial management team qualified to enact effective policies and respond to external risks.
- A robust set of financial policies and annual financial statements that are comprehensive, audited, and unqualified.
- Maintaining strong operating balances.
- Holding an exceptional liquidity position.
- Providing transparent disclosure of information, with detailed multi-year budgets.
- Prudent management of debt and available operating dollars.
- Incorporating formal risk-management strategies and policies into business plans.
“This is welcome recognition that the City of Edmonton continues to manage its affairs prudently on behalf of residents and businesses,” says Burge. “We can be confident we have solid processes to see us through uncertain economic times.”