Winnipeg, MB - Consolidated financial statements published today in an administrative report show solid fiscal performance and a stable financial position, demonstrating the disciplined fiscal planning approach of City Council. The report presents the City's consolidated financial statements for the year ended December 31, 2013.
“We have done our best to keep property taxes low while responsibly investing unprecedented amounts into the rebuilding and repair of Winnipeg’s streets, lanes and sidewalks,” said Mayor Sam Katz. “I am proud we are able to maintain a prudent and responsible balance while we move forward on major infrastructure projects in Winnipeg.”
Council-approved investments in capital assets, including tax-supported and utility operations, totaled $544 million in 2013. Major infrastructure projects such as the Public Works East Yard Complex, Sturgeon Road Bridge Replacement Project and new Transit Garage were completed this past year.
While investment has continued to increase, the City has achieved a disciplined balance to offset capital spending with increased revenues and responsible, long-term borrowing. The City’s credit ratings affirm solid fiscal performance (Standard and Poor’s as AA; Moody’s Investors Services as Aa1).
The report, which will be considered by the Audit Committee on Wednesday, May 14, 2014, can be found here.