City of Winnipeg reduces deficit, avoids draining rainy day fund
A lot of the red ink projected for the City of Winnipeg’s bottom line is drying up.
The latest financial report says the forecasted deficit for 2023 has plummeted from $27 million to only $1.2 million.
This means some money - $18.4 million- will be left in Winnipeg’s rainy day fund. The last report projected the reserve would have to be drained.
The largest factor in the improved outlook is because of reduced rates of contributions to the police pension. The new report says an actuarial valuation at the end of 2022 decreased the city’s obligation from 21.78 per cent to 8 per cent, saving $23.7 million.
Not all the news is positive. The remaining deficit is attributed to a $6.9 million over-expenditure for the Winnipeg Fire Paramedic Service due to staff absences, overtime and WCB long-term injury costs. There is also a shortfall for permit fee revenue, and cost overruns for snow clearing.
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