Dollarphotoclub_92838371North Bay’s economical situation remains stable steady says analysis firm Moody’s, with the company giving the Ontarian city a stable outlook. The investment services says North Bay’s good performance is because of “prudent fiscal planning and stable operations” while also citing the city’s diverse economic options for its Aa2 credit rating.
That is the same credit rating North Bay has held over the last few analysis terms, and Moody’s recognizes the 2016 budget plan drawn up by the mayor as a prudent one. The company says the budget will allow growth in the city while increasing property tax that are reasonable, allowing for a stable outlook for the next three years.
“At the time of introducing the plan, I recognized that it was only a starting point for the City and Council is working on a number of initiatives, including the development of a long term financial plan, to deal with the pressures on a longer term basis” said Mayor McDonald.
Moody’s adds that it recognizes the good work North Bay is doing in terms of continuing funding of priority projects while maintaining a good financial income from said projects. In comparison to other municipalities Moody’s analyzes in Canada, North Bay remains below average with a manageable debt service cost.
“It is anticipated that the change in policy will, over time, reduce the amount of funds required for principal and interest payments, thereby shifting those payments to pay-as-you-go financing which in turn will continue to help keep future debt levels low.