City releases year-end Financial Status Report for 2020

Released: February 10, 2021 at 9 a.m.

COVID-19 Crisis Cash Flow Management Plan and federal funds allow City to reset Financial Stabilization Reserve as further challenges anticipated in 2021

Winnipeg, MB – The City of Winnipeg’s financial status report to December 31, 2020 indicates a surplus in the tax-supported operating budget (General Revenue Fund) of $2.5 million, which will be transferred to the Financial Stabilization Reserve fund. The City’s year-end financial update will be presented at the meeting of the Standing Policy Committee on Finance (SPC-Finance) on February 16, 2021.

The City received $74.5 million in federal Safe Restart Agreement funding in 2020, comprised of $42.2 million allocated for municipal funding and $32.3 million for Transit. Between the financial levers enacted in the COVID-19 Crisis Cash Flow Management Plan and support received through federal Safe Restart Agreement funding, the Financial Stabilization Reserve has been reset and is positioned to help protect the City from continued negative impacts due to the pandemic in 2021.

Transit is indicating a year-end surplus of $3.9 million following the allocation of Transit’s portion of the federal Safe Restart Agreement funding. It is anticipated the remaining surplus will be retained in Transit to help address the continued financial uncertainty associated with the pandemic.

“COVID-19 had a detrimental effect on Winnipeg’s economy through 2020 and will continue to be an issue we face in 2021,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “The City was able to address significant financial shortfalls last year through strategic actions taken in the COVID-19 Crisis Cash Flow Management Plan and allocation of federal funds through the Safe Restart Agreement. Those actions and funding support allowed the City to reset the Fiscal Stabilization Reserve fund, which will be very important in order to diligently manage the city’s finances through the uncertainty and challenges anticipated in 2021.”

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

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