City hall is visible in the background as crews from Noralta power wash Churchill Square on Feb. 2, 2026. Photo by David Bloom /Postmedia

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Mayor Andrew Knack is praising the city’s administration for keeping the city’s books in order after an assessment by S and P Global concluded Edmonton’s AA+ credit rating is holding strong.

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The centuries-old market analyst dropped its verdict last Wednesday, citing the city’s “strong financial policies, transparent disclosure, and well-documented financial plans.”

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“Our team does a great job and really works hard day in and day out,” said Knack. “Last year we were originally expecting, based off a variety of factors, that we might finish the year in a deficit position. But due to the strong financial management we have, our city administration was able to bring us into surplus position.

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“That’s type of performance we’ve seen from this management team. It’s nice to have that external validation, so you don’t have to take my word for it.”

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While the S and P Global report notes the city’s debt is still climbing as major capital projects such as the Valley West LRT line wrap up, it adds the city corporation has strong liquidity and is able to access up to $500 million in additional credit if the need arises. But it also notes the city’s debt position is stabilizing as major projects wrap up and the city turns its focus towards renewal.

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It predicts Edmonton’s population growth is expected to slow to 1.7 per cent this year due to a drop in international migration to Canada, but the report anticipates the city’s economic outlook to remain resilient alongside the national economy in the face of U.S. President Donald Trump’s unpredictable trade policies.

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One caveat in the report notes the city’s operating budget will, at least in the short term, continue to rely on increasing population and property taxes. However, the report also notes the city’s administration is focused on ensuring its tax base is sustainable for the long term.

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Another area S and P Global says the city is doing well is establishing funds specific to renewal, including the city’s neighbourhood and alleyway renewal funds.

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Knack said he expects the city’s next four-year budget to reflect the findings of the report to keep the city’s financial momentum going.

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“I think this reinforces where we’re headed,” he said. “Looking at this next four-year budget, realistically you’re not going to see a lot of big new things — in fact you probably won’t see any. You might see a handful of things that are critical, but you’re really going to see an emphasis on the renewal of the infrastructure we have. That has to be the focus point.

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“If we are disciplined when the budget comes out later this year, we’ll more accurately reflect our strategic priorities while also allowing us to not see the same level of property tax increases that we’ve seen over the last four years.”