The city of Winnipeg announced on Wednesday, October 7, 2020, that they are projecting a $30.3 million deficit by year-end.
Originally the deficit was projected to be $67.4 million but was reduced through the COVID-19 Crisis Cash Flow Management Plan adopted by Council.
Winnipeg Transit is expected to have a shortfall of $32.4 million by year-end.
The federal government has implemented a Safe Restart funding program for municipalities and discussions are currently ongoing with the federal and provincial officials regarding available funds. Any potential funding has not been included in the deficit projection.
“The City continues to feel the financial pressures of COVID-19,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “Though implementing the COVID-19 Crisis Cash Flow Management Plan is helping us weather the fiscal storm in 2020, I remain concerned about the ongoing impacts of the pandemic on the city’s budget through 2021.”
© News4.ca 2020
