Winnipeg, MB – The City of Winnipeg has released its audited consolidated financial statements for 2022, as audited by the City’s external auditor KPMG. The report will be presented at Executive Policy Committee on May 16, 2023.
The audited consolidated financial statements confirm that while facing significant financial challenges, the City maintained significant investments in key infrastructure totaling $494 million in 2022, including $138 million invested in road construction and renewal.
The City continued to face major challenges as a result of COVID-19 in 2022 and saw significant over-expenditures in snow and ice operations over the year. These challenges left the City with a deficit before capital- related revenues of $131 million compared to a budgeted deficit of $52.3 million. Overall annual surplus of $70.6 million is attributable to capital-related revenues.
“The City’s audited consolidated financial statements for 2022 show that the City experienced unprecedented over-expenditures related to snow and ice operations this past year while also having to address prolonged impacts from the COVID-19 pandemic,” said Councillor Jeff Browaty, Chair of the Standing Policy Committee on Finance. “Amid these challenges, the City was able to prioritize investments in key infrastructure, reduce its long-term debt by $20 million, and retain an excellent credit score with key credit rating agencies.”
The City’s audited consolidated financial statements for the year ending December 31, 2022 is publicly available through the Decision Making Information System (DMIS).