Winnipeg, MB – The City of Winnipeg’s third quarter financial status report is forecasting a projected surplus in the tax-supported operating budget (General Revenue Fund) of $9.5 million, as at September 30, 2018. The City’s third quarter financial update will be presented at the meeting of the Standing Policy Committee on Finance on November 27, 2018.
This projection marks a change of $12.2 million from the second quarter financial update, which projected a year-end deficit of $2.7 million, as at June 30, 2018.
“It is encouraging to see the City’s operating budget projection improve from a deficit in the second quarter update to a year-end surplus in this latest report,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “However, departments must continue to control expenses as unforeseen circumstances, such as a major snowfall event, could still impact the forecasted year-end surplus.”
Factors contributing to the anticipated surplus are savings in debt and finance charges, as well as savings in various City departments, including in Public Works related to less than budgeted insect control expenditures.
An outstanding variable in the balance of the year-end tax-supported budget is potential snow removal costs yet to be realized in 2018. Late year activity could significantly influence the final balance of the operating budget.
The City’s financial update is publicly available through the Decision Making Information System (DMIS).