The City of Winnipeg has announced a $7.2 million surplus in its tax-supported operating budget for the 2024 fiscal year, a significant turnaround from previous projections, according to an unaudited financial status report released today.
The positive financial outcome, which will be presented to the Standing Policy Committee on Finance and Economic Development on March 7, 2025, represents a $27.7 million improvement compared to the November forecast, which had predicted a $20.5 million deficit.
The primary driver of this financial shift is the recognition of a $22.5 million receivable related to the settlement agreement regarding the Winnipeg Police Headquarters.
“We are now confident that we can count on Council’s settlement agreement on the Police Headquarters. As a result, now is the proper time to recognize this receivable,” stated Jeff Browaty, Chairperson of the Standing Policy Committee on Finance and Economic Development.
The surplus funds will be deposited into the city’s Financial Stabilization Reserve, bringing its balance to $17.6 million.
Despite the positive year-end result, Browaty emphasized the city’s ongoing financial challenges. “While we are pleased to report a year-end surplus, the reality is we continue to operate under a structural deficit, and our Financial Stabilization Reserve is still well below the Council-mandated minimum balance,” he said. “The current uncertainty in the Canadian economy underscores the importance of the measures we announced in the most recent budget, which will help stabilize our reserves and ensure we are responsibly budgeting for future years.”
The report also highlighted significant over-expenditures in key areas. Total costs for snow and ice operations, spring cleaning, and road maintenance exceeded the budget by $23.3 million, an increase of $5.9 million from the November forecast. Additionally, the Winnipeg Fire Paramedic Service faced over-expenditures due to increased injury claims and overtime costs.
© 2025 News4.ca
