City releases audited consolidated financial statements for the year ending December 31, 2021

Released: May 12, 2022 at 9:43 a.m.

Audited financial results show responsible fiscal planning prioritizing response to pandemic-related challenges along with investment in key infrastructure

Winnipeg, MB – The City of Winnipeg has released its audited consolidated financial statements for 2021, as audited by the City’s external auditor KPMG. The report will be presented at Executive Policy Committee on May 18, 2022.

The audited consolidated financial statements confirm that the continued effects of COVID-19 in our community posed significant financial challenges to the City of Winnipeg throughout 2021, leaving the City with a shortfall before capital related revenues of $78 million out of a consolidated budget of $1.7 billion. Despite these challenges, the City maintained significant investments in key infrastructure totaling $423 million in 2021, including $154 million invested in road construction and renewal.

Ongoing revenue losses attributable to the effects of COVID-19 are noted in reduced transit ridership, recreational programming and parking. Prudent planning allowed the City to adequately respond to this challenge.

“The City’s audited consolidated financial statements for 2021 show the considerable impact that COVID-19 continued to have on our finances last year,” said Councillor Jeff Browaty, Chair of the Standing Policy Committee on Finance. “The prolonged effects of the pandemic really have prevented any notable recovery in City revenue sources. Despite these challenges, the City was able to prioritize investment in key infrastructure like our roads. The City is recovering supported by Council’s approved COVID-19 Economic Response and Recovery Plan Framework.”

The City’s audited consolidated financial statements for the year ending December 31, 2021 is publicly available through the Decision Making Information System (DMIS).

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