Winnipeg, MB – The City of Winnipeg’s Financial Status Report to December 31, 2019 indicates a deficit in the tax-supported operating budget (General Revenue Fund) of $1.1 million. The City’s year-end financial update will be presented at the meeting of the Standing Policy Committee on Finance (SPC-Finance) on February 7, 2020.
Based on year-end financial results, $1.1 million will be transferred from the Financial Stabilization Reserve fund to eliminate the deficit in the General Revenue Fund. The City’s year-end deficit position of $1.1 million improved considerably from a forecasted deficit of $6.7 million, as at November 30, 2019.
“While facing fiscal challenges this past year as a result of extreme snow and the October storm events, City departments were able to show discipline to reduce the forecasted deficit position by year-end,” said Councillor Scott Gillingham, Chairperson of the Standing Policy Committee on Finance.
On January 23, 2020, the Province of Manitoba announced a Disaster Financial Assistance (DFA) program for the 2019 October storm event. The Public Service has applied for disaster financial assistance under the provincial DFA program, as directed by Council. Eligible costs are reimbursed using a formula that considers dollars spent in relation to population.
The City’s financial update is publicly available through the Decision Making Information System (DMIS).