February 2, 2022 (2.5 Minute Read)
In Ontario, as one of the largest diverse metropolitan areas, the City of Brampton leads the pack with public reporting of the municipality’s finances. In an era where transparency is demanded by constituents, Mayor Patrick Brown and CAO David Barrick are making the multi-billion dollar corporation accountable.
The proof is independent analysis. In a newly published report by the C.D. Howe Institute on municipal finances, Brampton consistently ranked in the top of largest populated cities in Ontario.
The report’s Municipal Fiscal Accountability Scorecard looked at Canada’s 25 largest cities by population and six most populous regional municipalities in Ontario. The City of Brampton received a “B” by the nonpartisan agency, compared to the “C+” received by Mississauga and “B-” received by Toronto. As a regional municipality, Peel Region also received a “B” grade.
According to the report for the year 2020, Brampton spent 6% below its budget despite a tax freeze and the sudden onslaught of COVID-19 related expenses. Brampton’s 2021 budget document was also specifically quoted for its budgeting in accordance with public sector accounting standards and the benefits it provides the public.
C.D. Howe said that budgeting method employed by Brampton “is thus better suited to matching costs and benefits to taxpayers and citizens over time. We look forward to all municipal budgets reflecting the superiority of the PSAS [public sector accounting standards] framework.”
The C.D. Howe report comes on the heels of the Brampton’s prestigious AAA credit rating being re-affirmed in October 2021 by S&P Global Ratings. The credit agency said at the time that Brampton’s “healthy population growth, proximity to major markets, and competitive tax rates attract new businesses and employment opportunities to the area.”
Moreover, Brampton received in April 2021 the Canadian Award for Financial Reporting by the Government Finance Officers Association of the United States and Canada. The association noted Brampton’s fiscal reporting was comprehensive and high-quality rooted in the spirit of transparency and full disclosure.
Brampton’s recent record of corporate stability, strong fiscal management, and promoting a low tax business friendly environment is catapulting the city to new heights. Just recently, Rogers Communication provided its $100 million vote of confidence in the City by opting to build a new and state of the art downtown innovation campus. The proposed 200,000 square foot campus will house 3,000 employees and be located at the Centre of Canada’s Innovation Corridor.
These significant wins for Brampton come at a time when many municipalities are continuing to struggle with the ongoing COVID-19 pandemic. For Brampton, the leadership of Mayor Patrick Brown and City Councillors is providing residents strong fiscal policies for both residents and businesses. Council’s fiscal priorities this term are being managed by a new Corporate Leadership Team led by CAO David Barrick. Together, with independently recognized financial management, a low-tax environment, and attracting and retaining major employers, the City is emerging as a top place to live, work and play.
For the C.D. Howe institute, Rogers Communications, S&P Global Ratings and others, Brampton is continuing to lead the pack.