City releases 2019 Financial Status Report and Forecast to October 31, 2019

Released: November 28, 2019 at 9:15 a.m.
Updated report and forecast projects a $9.2 million year-end deficit

Winnipeg, MB – The City of Winnipeg’s most recent financial status report and forecast is projecting a deficit in the tax-supported operating budget (General Revenue Fund) of $9.2 million, as at October 31, 2019. The financial update will be presented at the meeting of the Standing Policy Committee on Finance on December 4, 2019.

The forecasted year-end deficit marks a minor improvement from the third quarter financial status report and forecast, which indicated a projected year-end deficit of $9.4 million as at September 30, 2019. The updated Financial Status Report and Forecast to October 31, 2019 includes $7.2 million of projected incremental tax-supported costs in the current financial year related to the City’s ongoing response to the storm.

“The City of Winnipeg’s continued response to the major storm event in October will have a significant impact on the City’s year-end finances,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “While the City may need to draw on the Financial Stabilization Reserve fund, there will be a continued focus by departments on making financial improvements over the course of the year in an effort to continue to reduce the projected year-end deficit.”

The City now estimates that the total (including utilities) incremental costs relating to the storm event is $9 million. This marks an increase in the projected costs related to the storm, which was estimated to be $7.9 million in the last financial status report and forecast. A portion of the storm cleanup costs will be partially accounted for in the 2020 fiscal year because of ongoing work.

The Chief Administrative Officer will provide a report on the operational and financial impacts of the October weather event to Council and Standing Policy Committee on Finance by January 2020.

Disaster financial assistance has not been announced by the Province of Manitoba, therefore no recoveries have been factored into this forecast. Council has directed the Public Service to apply for disaster financial assistance should a program be announced by the Province.

The City’s financial update is publicly available through the Decision Making Information System (DMIS).

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