Winnipeg, MB – At a Special Meeting of Council today, the 2022 Balanced Budget Update for the City of Winnipeg was adopted by a vote of 10-6.
“The adoption of the 2022 Balanced Budget Update will help the City mitigate the financial impacts associated with the global pandemic and help support jobs while supporting economic and population growth,” said Mayor Brian Bowman. “Significant investment into capital infrastructure will form a large part of the City’s multi-year recovery, along with investments made as part of the COVID-19 Economic Response and Recovery Plan.”
“The 2022 Balanced Budget Update responds to the current financial uncertainty in a responsible way while prudently positioning Winnipeg for a post-pandemic world,” said Councillor Scott Gillingham, Chairperson of the Standing Policy Committee on Finance. “The strategic focus placed on capital investments will continue to build Winnipeg and ensure our city is ready for future growth.”
The 2022 Balanced Budget Update is balanced and addresses the pandemic-related impacts on the City’s finances while making important investments into infrastructure. The property tax increase is limited to 2.33 percent for the next two years.
The Small Business Tax Credit threshold has increased to $44,220 which will result in 6,700 businesses not paying the Business Tax in 2022. Approximately 55 percent of all Winnipeg businesses will receive a full credit of their business taxes in 2022. The business tax rate will be frozen in 2022 at 4.84 percent.
The 2022 Balanced Budget Update prioritizes $20 million of investments that support the City’s two-year COVID-19 Economic Response and Recovery Plan and will help the City embark on a multi-year recovery. The Plan will include $10 million to support the physical and mental health of Winnipeggers by improving regional parks infrastructure to accommodate social distancing measures, adding splash pads and accessible playgrounds to promote safe outdoor recreation in underserved areas of Winnipeg, and enhancing active transportation infrastructure. An additional $10 million will go toward projects that support economic development in Winnipeg and focus on Downtown revitalization.
A vital part of the COVID-19 Economic Response and Recovery Plan is continuing to make substantial capital investments that help support economic and population growth, and jobs. The six-year $2.9 billion capital investment plan is anticipated to boost GDP by $1.3 billion in Manitoba and $375 across Canada. This will create an estimated 13,400 person-years of employment in Manitoba and Canada. This level of investment would generate $341.7 million in tax revenue to provincial and federal governments.
The 2022 Balanced Budget Update also invests a historic $164.7 million into road renewals which represents approximately 143 lane kilometers of road and back lane renewals, which is approximately the distance from Portage and Main to Austin, Manitoba.
For final recommendations, please see the minutes of today’s Special Meeting of Council on the City’s Decision Making Information System which will be updated shortly after the meeting at:
http://clkapps.winnipeg.ca/DMIS/permalink.asp?id=A20211215(SM)C-1
The 2022 Balanced Budget Update homepage can be found at: