Winnipeg, MB – The City of Winnipeg’s second quarterly financial update will be presented at the meeting of the Standing Policy Committee on Finance on September 4, 2018.The Financial Status Report to June 30, 2018 cites a year-end projected deficit in the tax-supported operating budget (General Revenue Fund) totalling $2.7 million, as at June 30, 2018. This marks a reduction of $9.4 million since the first quarter projection, which cited a $12.1 million projected deficit as of March 31, 2018.
The reduction in the forecasted deficit is primarily attributable to favourable pension savings due to finalization of actuarial estimates in the Police and Civic plans, savings associated with adjustments to provisions in the corporate accounts, and savings in street lighting relating to LED conversion.
The City anticipates that the projected deficit will continue to 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.
Based on the last several years, it is not uncommon for the second quarter forecast to report a projected deficit which is then eliminated by the end of the year. The average improvement over the last five years between the second quarter and year-end is approximately $13.8 million.
“The City remains on the right track to balance throughout the course of this fiscal year,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “We have seen an encouraging reduction in the projected deficit and it will take a continued focus on fiscal responsibility to achieve balance.”
The City’s financial update is publicly available through the Decision Making Information System (DMIS).