Early financial position shows shortfall of $9.8 million
Winnipeg, MB – The City of Winnipeg’s first quarterly financial status report and forecast is forecasting a projected deficit in the tax-supported operating budget (General Revenue Fund) of $9.8 million, as at March 31, 2019. The status report and forecast will be presented at the meeting of the Standing Policy Committee on Finance on June 7, 2019.
The City anticipates that the forecasted shortfall will decrease over the remainder of the year based on forecasted financial improvements, as well as through continued efforts to control expenses without impacting the delivery of core services.
“As in recent years, it is expected that the City’s first quarter projected deficit will be greatly reduced or eliminated by year end,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “It is encouraging to see that City departments have remained within or near budget on annual expenditures. It is expected that departments make every effort to remain on track in order to balance throughout the remainder of this fiscal year.”
The primary factor contributing to the projected shortfall as at March 31, 2019, is a $10 million over-expenditure related to snow removal and ice control during the first quarter, due to above average snow accumulation in February 2019. The first quarter financial status report and forecast also incorporates full recovery of EMS costs from Shared Health.
The City’s financial update is publicly available through the Decision Making Information System (DMIS)
