Winnipeg, MB – The City of Winnipeg’s unaudited financial status report to December 31, 2024 shows a surplus in the tax-supported operating budget (General Revenue Fund) of $7.2 million. The year-end financial status report will be presented at the meeting of the Standing Policy Committee on Finance and Economic Development on March 7, 2025.
The City’s financial results improved by $27.7 million compared to the most recent report for November, which forecasted a year-end deficit of $20.5 million. This is mainly due to the recognition of a $22.5 million receivable related to the Police Headquarters settlement.
“We are now confident that we can count on Council’s settlement agreement on the Police Headquarters. As a result, now is the proper time to recognize this receivable,” said Jeff Browaty, Chairperson of the Standing Policy Committee on Finance and Economic Development.
The $7.2 million surplus will be transferred to the Financial Stabilization Reserve, resulting in a balance of $17.6 million.
“While we are pleased to report a year-end surplus, the reality is we continue to operate under a structural deficit, and our Financial Stabilization Reserve is still well below the Council-mandated minimum balance,” added Browaty. “The current uncertainty in the Canadian economy underscores the importance of the measures we announced in the most recent budget, which will help stabilize our reserves and ensure we are responsibly budgeting for future years.”
Total costs for snow and ice operations, spring cleaning, and road maintenance exceeded budget by $23.3 million. This is an increase of $5.9 million from the November forecast. Over-expenditures in the Winnipeg Fire Paramedic Service are a result of increased injury claims and overtime costs.
The City’s financial update is available through the Decision Making Information System (DMIS).
City releases year-end Financial Status Report for 2024
Released: March 3, 2025 at 9:32 a.m.
Preliminary year-end results show a surplus of $7.2 million