WINNIPEG WEATHER

City of Winnipeg’s Latest Financial Forecast: Projected Year-End Deficit of $20.5 Million

The City of Winnipeg’s recent financial status and forecast report unveils a projected year-end deficit in the tax-supported operating budget of $20.5 million, representing 1.5% of budgeted expenditures, as of November 30, 2024. This updated report is set to be presented at the meeting of the Standing Policy Committee on Finance and Economic Development on January 17, 2025.

The report showcases a slight improvement in the deficit forecast compared to the city’s third-quarter reporting, which had estimated a year-end deficit of $23.4 million. The latest forecast indicates an improvement of $2.9 million in the general revenue fund.

However, the balance of the Financial Stabilization Reserve Fund is projected to be $9.7 million as of November 30, 2024, marking a reduction of $4.7 million from the third-quarter report. An additional transfer was necessary to address a shortfall in taxation revenue. The remaining balance can be utilized to cover a portion of the year-end deficit, and any leftover amount will be factored into the 2025 budget.

“The financial challenges highlighted in this forecast are consistent with prior reports over 2024 and align with the plan we presented in Budget 2025,” stated Jeff Browaty, Chairperson of the Standing Policy Committee on Finance and Economic Development. “These challenges are being addressed through measures announced in the budget, and we look forward to rebuilding our financial stabilization reserve fund to provide more financial stability moving forward.”

The City’s financial update is publicly accessible via the Decision Making Information System (DMIS).

Share this post:

logo-oxary.png
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore
logo-oxary.png
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore
logo-oxary.png
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore