Winnipeg projecting deficit of over $7 million
The City of Winnipeg is forecasting a deficit of more than $7 million in its operating budget.
On Monday, the city said its financial status and forecast report up to Nov. 30, 2023, shows a projected deficit in the tax-supported operating budget of $7.1 million, as well a shortfall of $900,000 in Transit.
According to the city, the deficit is due to higher than expected cost for snow clearing, road construction, maintenance and street cleaning. It adds that higher overtime costs, worker compensation costs, a shortfall in community services and lower than expected permit fees are also to blame.
The city notes that the shortfall is partially offset by reduced pension costs, changes in corporate contingencies, and increased interest revenue.
Coun. Jeff Browaty said it can be difficult to budget for certain factors, including weather conditions or economic activity.
“The current forecast shows that City departments have largely maintained good fiscal responsibility while dealing with different challenges over 2023,” he said in a news release.
“There are a number of items to be accounted for at year-end that will shift the City’s financial status. However, the City should be in a position to reach balance over 2023 and may draw from the Financial Stabilization Reserve Fund if needed.”
The financial status and forecast report will be presented at the finance and economic development committee meeting on Jan. 12.
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