Nearly $70 million deficit projected for Winnipeg’s operating budget
Winnipeg’s latest financial forecast shows the city is projected to be in the red nearly $70 million in its tax-supported operating budget.
In the report released Friday, the city estimates a deficit of $69.6 million up to Nov. 30, 2022.
The report also shows an additional shortfall of $13.7 million for transit.
The COVID-19 pandemic, along with snow and ice control operations related to above-average snowfall last winter, are largely to blame for the shortfalls.
The city said the total over-expenditure for snow removal is pegged at around $52.6 million for the year, which includes an over-expenditure request for December operations.
Higher fuel prices are also a factor, with costs exceeding what was anticipated in the 2022 budget update. The estimated impact for fuel is $11 million.
The city notes the forecast does not include the impact of the federal government’s announced $750 million to support municipalities facing transit operating shortfalls. The feds and the province reached an agreement that will see $19.4 million transferred to Winnipeg.
The report will be presented at the standing policy committee on finance and economic development on Thursday.
It can be read in full on the City of Winnipeg’s website.
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