The Moody’s Investors Services announced that the City of North Bay’s credit rating remained consistent at Aa2 with a stable outlook.
“Having an independent third party confirm what we have known for years is very satisfying,” said Mayor Al McDonald in a city release.
“The reaffirmed rating from Moody’s highlights the effective and forward-thinking budgeting techniques that we employ in our fiscal planning processes.”
According to Moody’s, the City demonstrates strong financial management practices, namely the use of multi-year capital budgeting and the implementation of transparent and timely financial reporting processes.
The report highlights these practices as contributors to positive operating results, stating that the implementation of these measures has enabled the City to proactively identify and address concerns as they arise.
“Our ability to make use of these forward thinking approaches has been a contributing factor in our capacity to withstand ever increasing operating and capital pressures to-date,” said McDonald.
While operating and capital pressures are anticipated to remain in the coming years, McDonald is confident that the use of these robust planning tools, along with ongoing efforts to find innovative and cost effective solutions, will ensure that the City continues to deliver the same level of service that residents have come to expect.
