Winnipeg, MB - The City of Winnipeg's final Financial Status Report for 2018 is forecasting a projected surplus in the tax-supported operating budget (General Revenue Fund) of $14.2 million, as at November 30, 2018. The City of Winnipeg’s financial update will be presented at the meeting of the Standing Policy Committee on Finance on January 11, 2019.
This projection marks an increase in the anticipated surplus from the last Financial Status Report, which projected a surplus of $9.5 million as at September 30, 2018. In accordance with Council policy, if the General Revenue Fund reports a surplus at year-end, it will be transferred to the Financial Stabilization Reserve.
“It is encouraging that the City’s year-end operating budget forecast has continued to trend positively throughout 2018,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “Current indications are that December snow clearing costs should not have a significant impact on the projected surplus, which leaves the City in a positive fiscal position to end the year.”
Additional savings realized since the last report contributing to the higher projected surplus include increased revenues from Winnipeg Police Services, departmental improvements from Planning, Property and Development, additional savings in debt and finance charges, and improvement in salary and benefit expenses in Winnipeg Fire Paramedic Services. A significant factor resulting in a reduction of projected surplus is the higher than budgeted provision for outstanding assessment appeals.
The City’s latest financial status report notes that Winnipeg Transit is forecasting a year-end operating surplus of $12.8 million, which is calculated separately and does not impact the forecasted General Revenue Fund surplus of $14.2 million.
The City’s financial update is publicly available through the Decision Making Information System (DMIS).