Winnipeg, MB – The City of Winnipeg has released its audited consolidated financial statements for 2024. The report will be presented at Executive Policy Committee on May 13, 2025.
As part of its audit, KPMG reviewed and confirmed that the City’s recognition of the Police Headquarters settlement receivable in the 2024 fiscal year was appropriate and consistent with public sector accounting standards. The auditors also assessed the City’s overall risk of significant errors in the financial statements related to litigation and legal settlements as low.
The report shows an overall annual surplus of $271.6 million. Although the City saw an increase in revenues, this was offset by increased expenses and lower developer in-kind contributions, resulting in a decrease in the surplus compared to the prior year.
“The City’s finances continued to face challenges in 2024, and we have taken steps for 2025 to mitigate the impact for next year.” said Jeff Browaty, Chairperson of the Standing Policy Committee on Finance and Economic Development. “We have also taken steps to shore up our finances and have seen the Financial Stabilization Reserve end the year with a balance of $17.6 million. We want to continue investing in our infrastructure, providing reliable services, and replenishing our reserve, while keeping the tax burden on residents at a minimum.”
The City’s audited consolidated financial statements for the year ending December 31, 2024 is publicly available through the Decision Making Information System (DMIS).