The City of Barrie is in good shape financially. Standard and Poor’s latest assessment leaves the city’s AA rating intact.
“We believe Barrie’s economy is very strong and continues to expand and diversify, in particular the health and social assistance, financial services, and manufacturing sectors. The city benefits from a young and growing population and from its proximity to the Greater Toronto Area. This leads us to believe that the city’s GDP per capita is largely in line with that of the province, averaging about US$45,500 in 2013-2015. We expect the economy to remain stable in the medium term.”
Mayor Jeff Lehman says the endorsement reflects the strength of the city’s economy and the dedication of council and staff to build a solid financial foundation to support the city for years to come, “Since the credit rating establishes the City’s cost of borrowing, maintaining this rating has a direct impact on residents’ taxes. Our residents may not always realize that their taxes are ultimately lower because of long term fiscal policies and the City’s strong budget process, but this report shows that’s true in the eyes of the credit agencies.”