City releases Financial Status and Forecast Report to June 30, 2023

Released: September 8, 2023 at 10:33 p.m.
Second quarter forecast shows major improvements with reduction of $25.8 million in the forecast deficit

Winnipeg, MB – The City of Winnipeg’s second quarter financial status and forecast report is forecasting a projected deficit in the tax-supported operating budget (General Revenue Fund) of $1.2 million and an additional shortfall of $2.2 million in Transit as at June 30, 2023. The financial status and forecast report will be presented at the meeting of the Standing Policy Committee on Finance on September 14, 2023.

The City’s forecast deficit in the tax-supported operating budget was previously $27.0 million, as at March 31, 2023. This current forecast marks an improvement of $25.8 million in the forecast deficit.

The most significant change from the previous forecast is a reduced contribution rate to the Winnipeg Police Pension Plan resulting from an actuarial valuation. This valuation is done regularly to ensure the fund remains fully funded. The results of the most recent valuation have allowed the City’s contribution rate to be adjusted without impacting the long-term status of the plan.

The City had also presented a deficit action plan at the Standing Policy Committee on Finance on June 30, 2023, to minimize any potential use of the Financial Stabilization Reserve fund which has also contributed to the improved forecast.

COVID-19 impacts have been minimal for the first half of 2023. $18.7 million of COVID-19 financial impacts were built into the 2023 Budget and an additional $2.8 million in COVID-19 financial impacts for 2023 have been identified in the second quarter financial status and forecast report.

“The forecast improvement shown since the first quarter is very encouraging at this point in the year,” said Councillor Jeff Browaty, Chairperson of the Standing Policy Committee on Finance. “The changes to the City’s contributions to the Winnipeg Police Pension Plan have helped the City’s position without impacting the status of the plan. The action plan presented in June has also been essential to these improvements. City departments will need to maintain prudent fiscal planning for the rest of the year as we address snow clearing and other possible expenditures over these remaining months.”

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

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