Winnipeg, MB – The City of Winnipeg's Financial Status Report and Forecast to November 30, 2019 is forecasting a projected deficit in the tax-supported operating budget (General Revenue Fund) of $6.7 million. The City's financial update will be presented at the meeting of the Standing Policy Committee on Finance (SPC-Finance) on January 10, 2020.
SPC-Finance will also be receiving an update on the operational and financial impacts of the October weather event. In total, the storm is estimated to have a total cost impact to the City of nearly $10 million, of which $7.6 million are incremental costs and $2.3 million are non-incremental costs.
“The City’s response to the October storm event continues to have a significant impact on the forecasted year-end financial status; however, City departments have been able to find additional savings late in the year that will move the City closer to balance at year-end,” said Councillor Scott Gillingham, Chairperson of the Standing Policy Committee on Finance. “While the City may need to draw on the Financial Stabilization Reserve fund at the end of the year, it’s expected there will be savings found over December that will further reduce the projected deficit.”
Disaster financial assistance has not been announced by the Province of Manitoba for the October storm event, 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).