The City of Winnipeg announced on Wednesday February 10, 2021 that as of December 31, 2020 there was a surplus of $2.5 million in the tax-supported operating budget (General Revenue Fund).
In 2020 the City received $74.5 million in federal funding from the Safe Restart Agreement. That funding was comprised of $42.2 million for municipal funding and $32.3 million for transit.
COVID-19 had a detrimental effect on Winnipeg’s economy through 2020 and will continue to be an issue we face in 2021,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “The City was able to address significant financial shortfalls last year through strategic actions taken in the COVID-19 Crisis Cash Flow Management Plan and allocation of federal funds through the Safe Restart Agreement. Those actions and funding support allowed the City to reset the Fiscal Stabilization Reserve fund, which will be very important in order to diligently manage the city’s finances through the uncertainty and challenges anticipated in 2021.”
The surplus will be transferred to the Financial Stabilization Reserve fund.
The city says that an additional $3.9 million surplus has been identified in Winnipeg Transit. That surplus will remain in transit to “help address the continued financial uncertainty associated with the pandemic.”
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