The City of Winnipeg has released its financial status and forecast report to the end of October 2020.
Winnipeg is forecasting a combined year-end shortfall of $15.3 million including a $28.7 million shortfall in Transit. Projections indicate that there will be $500,000 in excess of expenditures in the tax-supported operating budget.
The city had initially projected a year-end shortfall of 52.4 million but were able to reduce that amount through the COVID-19 Crisis Cash Flow Management Plan previously approved by Council.
The city has confirmed that they will be receiving $42.2 million for municipal operations and $32.2 million for transit from the federal Safe Restart program funding. If the allocation of the funds is approved by council the city is expecting to close to balance in the General Revene Fund and transit.
“Subject to Council’s approval of the allocation of the Safe Restart program funding and the previously implemented targeted measures outlined in the COVID-19 Crisis Cash Flow Management Plan the City expects to reach a year-end balanced budget,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “The pandemic’s impact on the City’s budget is expected to continue through 2021 and will require ongoing, diligent financial management.”
The report is expected to be presented at the Standing Policy Committee on Finance on December 8, 2020.
© News4.ca 2020
