Winnipeg, MB – The City of Winnipeg’s latest financial status and forecast report is forecasting a projected year-end deficit in the tax-supported operating budget of $20.5 million (1.5% of budgeted expenditures) as at November 30, 2024. The financial status and forecast report will be presented at the meeting of the Standing Policy Committee on Finance and Economic Development on January 17, 2025.
The late-year forecast shows an improvement of $2.9 million in the deficit forecasted in the general revenue fund compared to the City’s third quarter reporting, which forecasted a year-end deficit of $23.4 million.
The balance of the Financial Stabilization Reserve Fund is forecasted at $9.7 million as at November 30, 2024. This is a reduction of $4.7M from third quarter reporting after an additional transfer was required to top up a shortfall in taxation revenue. The City can draw from the remaining balance to help cover a portion of the year-end deficit. Any amount left over will be factored into the 2025 Budget.
"The financial challenges highlighted in this forecast are consistent with prior reports over 2024 and aligns with the plan we presented in Budget 2025,” said Jeff Browaty, Chairperson of the Standing Policy Committee on Finance and Economic Development. “These challenges are being addressed through measures announced in the budget and we look forward to rebuilding our financial stabilization reserve fund to provide more financial stability moving forward.”
The City’s financial update is publicly available through the Decision Making Information System (DMIS).