Winnipeg, MB - In a report to be tabled at the February 25, 2013 meeting of the Standing Policy Committee on Finance, the City of Winnipeg’s General Revenue Fund is reporting a surplus of $15.9 million for 2012, of which $12.5 million was included in the 2013 Operating Budget.
Acting on a recommendation by the City Auditor, 2013 was the first time the City of Winnipeg adopted its operating and capital budgets together resulting in the need to estimate year-end surpluses. The remaining surplus of $3.4 million will go into the General Purpose Reserve, and assist the City with any operating budget challenges this fiscal year, such as higher than normal snow falls, or be dedicated to balancing the 2014 estimated budget shortfall of $73 million.
“The 2012 surplus allowed Council to reduce the tax rate increase that would otherwise be required. Projected surpluses from 2012 were incorporated in the 2013 Operating Budget,” said Deputy Mayor and Chair, Standing Policy Committee on Finance Russ Wyatt. “By being fiscally cautious with regard to estimating the 2012 surplus, we have ensured Council has adopted a balanced budget.”
The report, to be considered by the Standing Policy Committee on Finance at its February 25, 2013 meeting can be found here.