Winnipeg Transit’s projected shortfall continues to grow
Winnipeg, MB – The City of Winnipeg’s latest financial status and forecast report is forecasting a projected deficit in the tax-supported operating budget (General Revenue Fund) of $2.5 million, as at August 31, 2020. Combined with other forecasted operating shortfalls, this report is projecting a total year-end shortfall of $30.3 million, which includes an increased shortfall of $32.4 million in Winnipeg Transit. The report will be presented at the meeting of the Standing Policy Committee on Finance on October 14, 2020.
The COVID-19 Crisis Cash Flow Management Plan actions approved by Council have reduced the City’s total projected year-end shortfall from $67.4 million to $30.3 million in 2020.
The Government of Canada announced the Safe Restart funding program that is providing funding to municipalities and cities across Canada. Discussions are ongoing with the federal and provincial governments on funding potentially available through the Safe Restart program.
“The City continues to feel the financial pressures of COVID-19,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “Though implementing the COVID-19 Crisis Cash Flow Management Plan is helping us weather the fiscal storm in 2020, I remain concerned about the ongoing impacts of the pandemic on the city’s budget through 2021.”
The City’s financial update and the economic analysis are publicly available through the Decision Making Information System (DMIS).