Durham Region receives Financial Policy Challenge Award

Whitby, Ontario – The Region of Durham has been recognized by the Government Finance Officers Association (GFOA) for receiving the 2020 GFOA Financial Policy Challenge Award. The award celebrates financial policies that are essential to a strong financial foundation and meet the majority of GFOA’s criteria for what makes a good financial policy, including: capital planning, a structurally balanced budget, debt, long-term forecasting and planning, reserves, one-time revenues, user fees, investing, economic development and procurement.

As one of 12 winners of the inaugural GFOA Financial Policy Challenge, Durham Region’s selection as a recipient of the award is an impressive achievement, reflecting the Region’s commitment to a disciplined financial management approach, guided by the principles of fiscal sustainability, financial flexibility and taxpayer affordability.

The Region’s well-documented financial policies play a key role in maintaining fiscal stability while aligning with broader strategic plans and objectives. The following financial policies were submitted for consideration: the Budget Management Policy; Purchasing Bylaw #16-2020; the Long-term Forecasting and Financial Planning Framework and Report #2019-F-33; the Strategic Asset Management Policy; and Tangible Capital Asset Policy.

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“Durham Region’s selection as a recipient of the 2020 GFOA Financial Policy Challenge is a reflection of Regional Council’s commitment to service excellence. We are so proud to accept this award and will continue to responsibly manage the Region’s financial assets by enhancing accountability to our residents and businesses, streamlining decision-making and fostering efficiencies across all business and operational divisions.”

- Nancy Taylor, Commissioner of Finance

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