City’s financial position significantly aided by COVID-19 Crisis Cash Flow Management Plan and federal Safe Restart funds
Winnipeg, MB – The City of Winnipeg’s financial status and forecast report to October 31, 2020 is forecasting a combined year-end operating shortfall of $15.3 million for the City of Winnipeg, including a shortfall of $28.7 million in Transit. The latest financial status and forecast report is also projecting $0.5 million revenues in excess of expenditures in the tax-supported operating budget (General Revenue Fund). The report will be presented at the meeting of the Standing Policy Committee on Finance on December 8, 2020.
The COVID-19 Crisis Cash Flow Management Plan actions approved by Council have reduced what would have been a total projected year-end shortfall of $52.4 million to $15.3 million in 2020.
The City has received clarification regarding federal Safe Restart program funding, with confirmed allocations of $42.2 million for the municipal operations portion and $32.3 million for the transit portion. The City is in the process of obtaining Council approval as to the internal allocation of these funds. If allocation recommendations are approved as submitted, it is anticipated that both the General Revenue Fund and Transit will be close to balanced.
“Subject to Council’s approval of the allocation of the Safe Restart program funding and the previously implemented targeted measures outlined in the COVID-19 Crisis Cash Flow Management Plan the City expects to reach a year-end balanced budget,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “The pandemic’s impact on the City’s budget is expected to continue through 2021 and will require ongoing, diligent financial management.”
The City’s financial update is publicly available through the Decision Making Information System (DMIS).