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The City of Saskatoon’s “stable outlook” and AAA credit rating have been reconfirmed by Standard & Poor’s (S&P) Global Rating Services.
In S&P’s report, the city’s management team was described as “experienced and qualified to effectively enact fiscal policies and respond to external risks.”
In a press release from the city, chief financial officer Kerry Tarasoff said administration is “pleased and excited” by the rating.
“This year’s introduction of the City’s first Multi-Year Business Plan & Budget Planning process has supported our fiscal transparency, and our ongoing commitment to improve our financial management practices as we plan for Saskatoon’s future,” Tarasoff stated in the release.
S&P did outline a potential downside scenario for the city in its report.
“Although we view it as unlikely in the next two years, material erosion in Saskatoon’s economy could lead to revenue growth persistently lagging that of expenditures,” it read.
“If this caused the city to experience lower operating balances, run persistent after-capital deficits, and increase its tax-supported debt above 60% of operating revenues, we could lower the rating.”
S&P said Saskatoon’s economy is viewed as “strong and diversified,” and it believes the city’s average GDP per capita is higher than the national average.
It listed “agriculture, the public sector, and natural resources, most notably potash mining and uranium” as the local economy’s largest industries.
