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Durham maintains AAA Moody’s rating amid highest tax hike

The Regional Municipality of Durham’s longstanding Triple A credit rating has been reaffirmed with Moody’s Investors Service (Moody’s).

This rating places Durham among only eight other Canadian municipalities with this recognition from Moody’s, according to a region statement.

It said the region’s Triple A credit rating reduces long-term borrowing costs for the region as well as for Durham’s eight local municipalities, which benefits property taxpayers and water and sewer user rate customers across the region, especially during periods when more significant municipal infrastructure investment is required.

The region has raised property tax by a whopping 7.5 per cent and water and sewer charges by 7.4 per cent for 2024 (see below). It is the highest announced 2024 increase among any of the region’s municipalities.

The statement quoted Moody’s as noting that Durham Region’s Triple A credit rating is supported by its strong financial management which includes low debt levels, a diverse and growing economy and a positive operating profile. The accreditation also underscores the region’s commitment to long-term financial planning, vital in navigating the challenges posed by significant population growth and escalating demand for regional programs, services and infrastructure.

“This achievement reaffirms our dedication to sustainable and responsible financial management. It highlights Durham Region’s leadership in fiscal stewardship, instilling confidence in our stakeholders that we manage tax dollars and user revenues thoughtfully while meeting the evolving needs of our community. This retention of Triple A credit rating by Moody’s reflects regional council’s efforts to remain leaders in prudent fiscal management, strong budgetary performance, and a low and manageable debt burden,” said John Henry, Regional Chair and Chief Executive Officer.

Durham Region portion of property tax goes up 7.5%

Your Durham water and sewer bill is now up by 7.4%

After tax, water, Durham waste facilities user fees being hiked

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