News Releases

*This report includes road restrictions on Priority 1 (high traffic, high speed) streets only.

NEW

No projects are scheduled to start on Priority 1 streets as of this date.

ONGOING

No projects are ongoing on Priority 1 streets as of this date.

All restrictions will be lifted as indicated, weather permitting and barring any unforeseen circumstances.

For more information about current road restrictions and construction, visit saskatoon.ca/construction.

*This report includes road restrictions on Priority 1 (high traffic, high speed) streets only.

NEW

No projects are scheduled to start on Priority 1 streets as of this date.

ONGOING

No projects are ongoing on Priority 1 streets as of this date.

All restrictions will be lifted as indicated, weather permitting and barring any unforeseen circumstances.

For more information about current road restrictions and construction, visit saskatoon.ca/construction.

S&P Global Ratings (S&P) has reaffirmed the City of Saskatoon’s credit rating as the highest rating possible, a ‘AAA’ credit rating with a “Stable” outlook. The City has maintained the ‘AAA’/Stable credit rating for twenty years since S&P first began affirming the City’s credit ratings in 2002.

“We are very pleased to receive S&P Global Ratings ‘AAA’/Stable credit rating today especially given the financial challenges the City and other municipalities have weathered because of the COVID-19 pandemic. This rating supports the City of Saskatoon’s ongoing strong governance and financial management practices,” says Clae Hack, Chief Financial Officer. “The City’s prudent financial management and strategies have allowed us to continue providing essential core services while balancing our budgets during the ongoing financial disruption from COVID-19 over the last two years.”

Noting Saskatoon’s diverse economy and observing the City’s “strong operating surpluses and prudent financial management”, today’s release of the S&P Global Ratings report reaffirmed ‘AAA’ long-term issuer credit and senior unsecured debt ratings on the City with an outlook that is “Stable”.

S&P expects “the global pandemic will continue to affect economic growth in 2022 as social distancing and other preventative measures slow business activity,” but further note that they “believe this slowdown will be temporary and (Saskatoon’s) economic diversity and ongoing population growth should continue to support GDP per capita growth in line with Canada's over the forecast horizon.”

“Maintaining the City’s ‘AAA’ rating which includes a stable outlook, is important as it supports our confidence in our budgetary decisions, financial management and overall economic outlook for the City of Saskatoon,” adds Hack. “We are a municipal leader and remain assured in our ability to minimize debt as we commit to priorities within the City’s 2022-2025 Strategic Plan and undertake long-term planning for infrastructure to support our great quality of life in Saskatoon.”

Key rationale within the January 18, 2022, S&P Global Ratings Direct® Report include:

• The City's “strong and prudent financial management is a key credit strength” and its “management team is experienced and qualified to effectively enact fiscal policies and respond to external risks.”
• The City “demonstrates good political and managerial strength with its lengthy track record of passing budgets with minimal variations from budgeted revenues and expenses.”
• “Management’s disclosure and transparency are good, and the City prepares robust annual budget documents, with multi-year operating and capital budgets and long-term capital and borrowing plans.”
• The City’s “strong budgetary performance will assist in keeping the debt burden manageable.”
• An “exceptional liquidity position will continue to support its creditworthiness.”

Credit ratings are one of several tools that investors and lenders use when making decisions regarding an organization’s future financial strengths and weaknesses. For the City of Saskatoon, the ‘AAA’/Stable rating serves as an indication of the credit risk and ability to meet its financial obligations in full and on time. This also identifies the credit quality of the City’s debt issue and can translate into lower interest rates for favourable credit ratings since there is minimal or low risk associated with the City’s debt.

To learn more about the City of Saskatoon’s financial performance and credit rating, visit saskatoon.ca.

*This report includes road restrictions on Priority 1 (high traffic, high speed) streets only.

NEW

No projects are scheduled to start on Priority 1 streets as of this date.

ONGOING

No projects are ongoing on Priority 1 streets as of this date.

All restrictions will be lifted as indicated, weather permitting and barring any unforeseen circumstances.

For more information about current road restrictions and construction, visit saskatoon.ca/construction.

The Saskatoon Fire Department (SFD) has been closely monitoring life and fire safety at the Lighthouse Supported Living Facility. As a result, ongoing inspections dating to April 2021 have revealed a number of deficiencies that must be remedied to make sure work and living conditions at the facility do not deteriorate.

“Our focus at the Lighthouse is community safety,” says Assistant Chief Yvonne Raymer. “We want to ensure all life safety measures are in place so that any concerns or deficiencies can be easily rectified. We don’t want the issues to compound like we have seen elsewhere, so we’re keeping a close eye on the building and staying on top of inspections at the Lighthouse.”

Inspections and results:

• One fire inspection in April 2021 and four re-inspections since (three in December 2021 and one in January 2022)
• Four Property Maintenance Nuisance Abatement Bylaw inspections (September, November and January)
• 42 Fire Safety Act contraventions pertaining to failing to maintain life safety systems and building systems (i.e. electrical, sprinklers, fire alarm system, lack of records, failing to maintain means of egress, failing to maintain fire separations)
• One Fire Safety Act Order to Remedy related to 42 contraventions
• Two Bylaw Orders to Remedy (one for structural assessment-December; one for various property maintenance issues-January)
• Fire investigation December 10 revealed careless disposal of smoking materials
• 14 tickets related to the 42 Fire Safety Act contraventions (issued December 10 & January 6)
• One ticket related to junk/garbage under the Property Maintenance Nuisance Abatement Bylaw (January)

There are outstanding issues arising from inspections that remain under investigation.

SFD will not be closing the Lighthouse; inspectors determine the risks in the building are less than the risk posed by displacing occupants. Instead, SFD has issued Orders to Remedy. The Lighthouse has been ordered to fix the hazards by the end of January. If the hazards are not remedied by then, SFD may contract the work, bill the Lighthouse for the repairs and then discuss payment terms.

Following the most recent visit to the Lighthouse on January 4, that inspection identified:

• Two sinks removed in a bathroom off the dining room, which is currently converted into a temporary shelter area due to COVID-19
• One water heater not working; multiple other water heaters remained fully functional
• A small water and sewer backup in the service room with slight wet staining around the drain

Since the January 4 inspection, the water heater has been fixed. Showers and sinks with hot water remained intact for all other suites and bathrooms. The deficiencies identified by SFD are considered to be minor and can be rectified by a plumber.

“We are not aware of the current financial situation of the Lighthouse, but it is our view that the repairs required to complete the orders are relatively minor,” notes Assistant Chief Raymer. “However, if the Lighthouse requires assistance in completing these repairs, we would invite them to reach out to the Saskatoon Fire Department to discuss their various options.”

Other deficiencies can be fixed by hiring qualified tradespeople or other service contractors that would be able to ensure the Lighthouse is a safe facility for staff and residents.

*This report includes road restrictions on Priority 1 (high traffic, high speed) streets only.

NEW

No projects are scheduled to start on Priority 1 streets as of this date.

ONGOING

No projects are ongoing on Priority 1 streets as of this date.

All restrictions will be lifted as indicated, weather permitting and barring any unforeseen circumstances.

For more information about current road restrictions and construction, visit saskatoon.ca/construction.