Pandemic continues to impact Winnipeg's financial outlook
The latest financial update from the City of Winnipeg shows continued shortfalls in both general and transit revenues.
The unaudited report up to Dec. 31 stated there was a deficit of $22.3 million in the tax-supported operating budget and an additional $3 million shortfall from transit.
The city estimates its total COVID-19-related financial impacts will be $73 million for 2021, bringing total financial pandemic impacts to $206.6 million.
“The financial impacts of COVID-19 will have cost the City approximately $206 million over three years,” said Finance Chair Scott Gillingham in a statement. “As we emerge from the pandemic, we need to focus on job growth, business recovery, and restoring transit ridership.”
For 2021, the city had built $61.2 million into the budget in anticipation of COVID-19 impacts but identified an additional $11.8 million. The Financial Stabilization Fund will cover the general revenue shortfall.
Snow clearing operations in 2021 went over budget by $11.2 million with November and December snowfalls costing the city about $22.7 million. The total snow and ice removal budget for the year was $35 million.
A year-end financial update will be presented to the city’s finance committee on Feb. 14.
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