Overview
The Annual Financial Report provides a comprehensive summary of the Region’s key activities and financial performance. It includes audited financial statements from the past year and highlights Regional initiatives, accomplishments and performance statistics.
Highlights of strategic investments
- Water and wastewater infrastructure: $3.1 billion in investments to support services for new developments, and to ensure a state-of-good repair and maintenance for facilities.
- Transportation infrastructure: $3.0 billion in investments to support Regional transportation projects such as road widening, grade separations, road resurfacing initiatives, road studies, bridges and culverts.
- Energy, fleet and facilities infrastructure: $0.5 billion in investments to support energy, fleet and facilities and other services to maintain and replace the Region’s existing infrastructure assets.
Credit rating
Halton Region has maintained top credit ratings from S&P Global Ratings (AAA) since 2002 and Moody’s Investors Service (Aaa) since 1989. Achieving a top credit rating:
- unlocks the lowest possible financing rates, which helps public funds go further;
- minimizes the long-term costs of large-scale construction; and
- allows the Region to deliver maximum value for tax and rate payers when investing in major public works projects.
Maintaining a top credit rating from Moody’s Investors Service and S&P Global Ratings is critical to preserving Halton’s strong long-term financial position as the Region works to build and enhance infrastructure. This distinction is a key objective in the 2023 Budget and Business Plan, and allows public funds to go further when investing in essential Regional works, including road, water and wastewater projects that help build healthy, complete communities.
In February 2023, Moody’s Investors Service affirmed its top credit rating for Halton Region for the 35th consecutive year, providing the Region and its Local Municipalities with continued access to the best funding rates in the capital market.
Moody’s report highlighted the following credit strengths as rationale for their decision:
- exceptional levels of liquidity and low debt burden;
- strong governance and management including forward looking operating and capital planning;
- diversified economy and strong population growth leads to rising tax base; and
- stable and predictable revenue sources support strong fiscal outcomes, and shelter the Region from fiscal pressures including adverse Provincial changes.
To learn more about Moody’s review and analysis, please read the report presented to Halton Regional Council from the February 15 meeting (external PDF).
On June 8, 2023, S&P Global Ratings (S&P) also completed their annual review and maintained their highest rating of AAA for Halton Region.
S&P’s rating analysis included the following rationale in support of the AAA rating:
- steady population growth, high income levels, and a broad economy foster stability in the Region’s property tax base;
- prudent financial management efforts and solid economic base;
- very strong budget performance and limiting debt issuance; and
- exceptional liquidity position and satisfactory access to external liquidity for financing needs.
To learn more about S&P’s review, please read the report presented to Halton Regional Council from the June 14 meeting (external PDF).
If you require these documents in an alternate format, please call 311, TTY 905-827-9833 or1-866-442-5866