News Releases

"CONTINUING STRONG ECONOMY”: ‘AAA’/STABLE CREDIT RATING AGAIN

For another year, the City of Saskatoon has earned the highest possible rating from international bond rating agency, Standard & Poor’s; S&P today reaffirmed its ‘AAA’/stable credit rating for Saskatoon - one of the hottest Canadian economies.

“Standard and Poor’s assessment again sends the message that the City’s budget process and resource allocation is open, accountable and transparent, and that Saskatoon has an economy that will keep our growth on track,” says His Worship Mayor Donald Atchison.

Every year Standard & Poor’s reviews the City’s finances and delivers the credit rating and supporting rationale in a report based on that study.

“This is exactly what we work toward every day,” says Acting Chief Financial Officer Kerry Tarasoff. “Saskatoon continues to be headed into healthy economic times, and S&P’s rating underlines that position.”

As it did last year, Standard & Poor’s continues to view the financial outlook for Saskatoon as stable. The agency is confident that cash flow and cash investments will increase to offset any rising debt. In other words, Saskatoon’s leading economy is expected to keep growing.

“Saskatoon's economic fundamentals are very strong, in our view” the report says. “We think Saskatoon is managing its growth well, and we expect this will continue.”

The City of Saskatoon demonstrates strong and prudent financial policies and solid management, and these have a positive impact on the credit profile. The City has received the ‘AAA’/stable credit rating every year for more than a decade.

Receiving a ‘AAA’ credit rating essentially means that the City of Saskatoon can borrow money at lower rates, and is viewed by financial institutions as having virtually no-risk with respect to defaulting on credit. The City of Saskatoon’s favorable budget performance, as well as its self-generated revenues, continue to place the City in a strong and stable financial position, supporting the City’s Strategic Goal of Asset and Financial Sustainability.

 For more City of Saskatoon Public Service Announcements, News Releases,  Traffic Detours and Service Alerts, visit www.saskatoon.ca or connect with the City of Saskatoon on Twitter and Facebook.

Beginning at 8:30 a.m. on January 22, Cumberland Avenue South between Taylor Street and 1st Street will be closed while crews replace a sewer connection.  Drivers are encouraged to use Louise Street.

The roadway is expected to reopen by 6:00 p.m., weather permitting and barring any unforeseen circumstances.  The City thanks everyone for their patience. 

Drivers are reminded to allow extra time when travelling through the orange zone, watch for pedestrians and work crews, and for everyone’s safety, please obey all detours, signs and barriers.

Know before you go! Find up-to-date traffic detour information at www.saskatoon.ca/go/traffic and follow us on Twitter and Facebook.

On Wednesday, January 8, any required 2014 Assessment Notices will be mailed to the owner’s property or properties located in Saskatoon. The Assessment Notice lets owners know the assessed value of their property, which is then used to determine how much property tax must be paid. Property Tax Notices will be delivered in May 2014, once education rates are determined as part of the provincial budget. 

Since 2013, property owners have been paying property tax each year based on the value of their property as of January, 2011. Province-wide revaluations take place in Saskatchewan once every four years; 2013 was a revaluation year, and 2014 begins the second year in the four year assessment cycle.

“Our goal is to create and conduct property assessments that place fair, accurate, and equitable values on properties,” City Assessor Les Smith says. “Increases or decreases to the amount of property tax due to the 2013 revaluation are phased-in over the four year cycle,” adds Smith. “The annual tax bills will be adjusted each of the four years to include any appropriate phase-in adjustments.”

The City of Saskatoon collects taxes on behalf of the City, the Provincial Government for the Public and Separate School Boards, and the Saskatoon Public Library. Each taxing authority establishes its annual budget, and after taking into consideration other sources of revenue, determines the total revenue required through taxation.

The City uses a valuation approach that ensures property values are a reflection of the market value on a given date.  Factors like location (neighbourhood) of the property, traffic patterns around the property, views, and the property structure are all used to determine an assessment value. Adjustments are also made for other factors including size, age, style, garage, etc.

As this is a non-revaluation year, property owners have 30 days to appeal their assessment. Appeals can be made until February 10, 2014, by mail to: Secretary, Board of Revision, c/o City Clerk's Office, City Hall, 222 - 3rd Avenue North, Saskatoon, Saskatchewan, S7K 0J5.

Property owners, visit saskatoon.ca and click on ’A’ for Assessment, or use the Property Assessment Online Tool which provides market and assessment information.  Property owners can also contact Assessment and Taxation at 306-975-3227 for additional information, or visit the Assessment and Taxation Division in person at 4-325 Third Ave N, located one block north of City Hall.

For more City of Saskatoon Public Service Announcements, News Releases, Traffic Detours and Service Alerts, visit www.saskatoon.ca or connect with the City of Saskatoon on Twitter and Facebook.

Starting Monday, January 13, 2014 traffic will be restricted south of the 1st Avenue North and Circle Drive intersection while crews complete further work on the primary water main. This work had been scheduled for earlier in the month, but was cancelled due to adverse weather conditions.

The following restrictions will be in place: 

• No turning southbound on to 1st Avenue North from Circle Drive eastbound and westbound
• Local access only along 1st Avenue North between 40th Street and Circle Drive northbound and southbound
• No parking on sections of 1st Avenue North between 40th Street and Circle Drive.

It is expected that this work will take five days to complete, weather permitting and barring any unforeseen circumstances.

Drivers are reminded to allow extra time when travelling through the orange zone, watch for pedestrians and work crews, and for everyone’s safety, please obey all detours, signs and barriers.

Know before you go!  Find up-to-date Traffic Detour information on our website at www.saskatoon.ca/traffic and follow us on Twitter and Facebook.

Every year, the City of Saskatoon sets up temporary drop-off sites to collect live trees from December 26 to January 31. Christmas trees should be dropped off unwrapped and unbound at the following locations:

• Primrose Drive Recycling Depot (next to Lawson Civic Centre)
• Edmonton Avenue Recycling Depot (at Edmonton Avenue and Avenue P)
• Meadowgreen Recycling Depot (22nd Street and Witney Avenue)
• Lowe Road Recycling Depot (Attridge Drive and Lowe Road)
• George Ward Pool parking lot (5th Street East and Grosvenor Avenue)
• Wildwood Golf Course parking lot (8th Street East)
• Doukhobor Cultural Society of Saskatchewan parking lot (17th Street West and Avenue I)

Live trees dropped off at these locations are chipped and composted or used as mulch. Artificial trees are not accepted for recycling and should be taken to the Landfill.

Our live tree recycling program is designed to reduce the amount of waste that goes to the Landfill and help grow a greener Saskatoon. For more information about recycling and waste handling, visit SaskatoonRecycles.ca.

For more City of Saskatoon Public Service Announcements, News Releases, Traffic Detours and Service Alerts, visit www.saskatoon.ca or connect with the City of Saskatoon on Twitter and Facebook.