Provincial Financial Review Shows Strong Progress for Owen Sound

These annual indicators, based on the City's 2024 Financial Information Return, provide the Ministry of Municipal Affairs and Housing with a standardized way to evaluate whether municipalities are sustainable, financially flexible, and managing risk appropriately.  

For Owen Sound, the focus on financial responsibility has delivered measurable results. While this review reflects 2024 data, it remains relevant today because it demonstrates the financial foundation that supports current and future budgets. The improvements shown in these indicators—stronger reserves, lower debt servicing costs, and better tax-to-income ratios—are the result of multi-year fiscal discipline that continues to guide the City's financial planning in 2026 and beyond. 

Key Improvements  

Property Tax Affordability Is Improving

In 2024, residential property taxes took up 5.9% of median household income, down from 6.9% in 2023. While still above the provincial average, this represents meaningful progress: property taxes now consume a smaller share of what typical households earn than in recent years.

Stronger Financial Position 

The City's reserves have grown to $42.8 million, placing Owen Sound in the Province's low-risk category alongside similar municipalities across Ontario. Net debt as a share of revenues has also improved steadily, reflecting a healthier balance sheet. 

Debt Management Milestone Reached 

Debt servicing costs fell to 4.0% of total revenues in 2024, the first time in over a decade that Owen Sound has moved out of the Province's moderate-risk range into low risk. This signals that the City is successfully managing its debt burden while maintaining essential services. 

All of Owen Sound's sustainability and flexibility indicators are now rated low risk by the Province. This retrospective review of 2024 demonstrates that the City's commitment to financial responsibility is working, building resilience, improving affordability relative to income, and positioning Owen Sound for long-term stability. 

While challenges remain, particularly around affordability pressures, the trajectory is clear: disciplined financial management is strengthening the community's fiscal foundation and enabling the City to plan responsibly for the future. 

Quote: 

“These indicators confirm we've achieved a more sustainable financial position. Low-risk status is like having a healthy emergency fund—we're prepared for unexpected expenses and can plan ahead with confidence. This comes from years of consistent fiscal discipline.” 

- Kate Allan, Director of Corporate Services  

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