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Debt Report - Quarter 2 Financial Update (2016)

Debt Update

Standard & Poor's has had Niagara rated AA with a stable outlook since April 5, 2001 when Standard & Poor's and CBRS (Canadian Bond Rating Service) merged their ratings. The ratings reflect Standard & Poor's opinion of Niagara's exceptional liquidity, strong budgetary performance, and low debt burden. The stable outlook reflects Standard & Poor's expectations that Niagara's after-capital deficits will be moderate; its liquidity will be exceptional; and that its tax-supported debt burden, net of debt on-lent to self-supporting lower-tier municipalities, will remain below 50% of consolidated operating revenue within the two-year outlook horizon. Niagara continually strives to improve our credit rating, as it sends a strong, positive message to investors, and directly impacts our cost of borrowing in the capital markets.

Key Rating Factors Standard & Poor's Assessment
Institutional Framework Very Predictable and well-balanced
Economy Average
Financial Management Strong
Budgetary Flexibility Average
Budgetary Performance Strong
Liquidity Exceptional
Debt Burden Low
Contingent Liabilities Very Low



Department Total Debt as at December 31, 2015 Sinking Fund, Capital Lease, & EFMS Adjustments Total Adjusted Debt as at December 31, 2015 Year to Date
Debt Issued
Year to Date
Principal Payments
Total Adjusted Debt as at June 30, 2015 Forecasted Principal Payments Unissued
Debt
Total Forecasted Adjusted Debt & Unissued As at December 31, 2016
Niagara Region - Levy
General Government $ 20,858,721 (7,276,585) $ 13,582,136 $ 3,589,903 $ (491,337) $ 16,680,702 $ (486,535) $ 42,950,112 $ 59,144,279
Niagara Regional Police 88,327,113 12,209 88,339,322 4,500,000 (962,979) 91,876,343 (2,782,787) 16,976,000 106,069,556
Roads 81,740,055 3,401,742 85,141,797 12,213,049 (844,989) 96,509,857 (10,821,598) 70,377,936 156,066,195
Public Health 4,478,655 2,920,000 7,398,655 1,970,097 (34,179) 9,334,574 (1,065,836) 210,000 8,478,737
Community Services 24,241,148 893,000 25,134,148 - (647,874) 24,486,274 (1,576,232) - 22,910,042
Niagara Regional Housing 16,515,694 - 16,515,694 5,602,844 (430,841) 21,687,697 (1,381,875) 3,344,010 23,649,832
Planning 206,676 - 206,676 - (27,368) 179,309 (58,000) - 121,309
Total Levy 236,368,062 (49,634) 236,318,428 27,875,893 (3,439,566) 260,754,755 (18,172,863) 133,858,058 376,439,950
Niagara Region - Rate
Wastewater 64,765,902 379,459 65,145,361 - (2,548,916) 62,596,445 (96,216) - 62,500,228
Water 10,203,596 94,403 10,297,999 - (436,944) 9,861,055 - - 9,861,055
Waste Management 4,410,819 - 4,410,819 - (676,048) 3,734,771 (741,000) - 2,993,771
Total Rate 79,380,317 473,862 79,854,179 - (3,661,908) 76,192,271 (837,216) - 75,355,055
Total Niagara Region 315,748,379 424,228 316,172,607 27,875,893 (7,101,474) 336,947,026 (19,010,079) 133,858,058 451,795,005
Debt Assumed for Others (External) 251,899,250 80,884 251,980,134 28,226,107 (5,905,064) 274,301,177 (22,042,512) - 252,258,665
Total Niagara Region & External $ 567,647,629 $ 505,112 $ 568,152,741 $ 56,102,000 $ (13,006,537) $ 611,248,203 $ (41,052,591) $ 133,858,058 $ 704,053,670

2016 Debt Issuances

Bylaw 35-2016: Capital Markets for $52,852,000, 10 years at 2.068%. Niagara Region portion $27,875,893, Local Area Municipalities portion $24,976,107: Fort Erie $2,200,000; Niagara Falls $1,470,607; Pelham $5,750,000; Port Colborne $296,000; St. Catharines $11,143,500; Welland $4,116,000.

Bylaw 36-2016: Infrastructure Ontario, $3,200,000, 30 years at 3.28% for Town of Lincoln. Tile Drainage TD2016-01-NF $50,000, 10 years at 6.00% for Niagara Falls.

Annual Repayment Limits

  • Niagara Region - 6.45%
  • Fort Erie - 4.39%
  • Grimsby - 3.78%
  • Lincoln - 2.82%
  • Niagara Falls - 6.14%
  • NOTL - 3.96%
  • Pelham - 6.79%
  • Port Colborne - 6.98%
  • St. Catharines - 8.19%
  • Thorold - 2.15%
  • Wainfleet - 1.10%
  • Welland - 10.73%
  • West Lincoln - 4.41%
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