Issue Paper

Tom Galloway on
Fiscal Responsibility

The Region of Waterloo enjoys a Triple A financial rating from Moodys, a rating
enjoyed by a select group of municipalities. I believe this reflects the excellent
financial stewardship the Region has shown. Our property tax rates are middle of
the pack and our Reserves are sufficient yet modest. I Chair the Audit Committee
and we are continually doing Program Audits to make sure all program areas are
effective and efficient. We are also now embarking on a full service review to
prioritize service areas, benchmark, and determine effectiveness and efficiency in
all program areas. I am Chairing this effort. This is a major undertaking but one
Council believes is necessary to ensure we are doing the right things for the right
price. Regional staff have been excellent in the past in their annual budget
reviews in finding numerous efficiencies and related cost reductions.

- Maintain our Triple A rating
- Complete the external Service Review
- Increase our Capital Reserve Fund to reduce debenturing
- Restore our Tax Stabilization Fund
- Lobby Province to include eligibility for Rapid Transit initiatives in the
Regional Development Charge Bylaw
- Maintain property tax increases to around the rate of inflation