City of Winnipeg’s projected deficit continues to grow in latest financial forecast
The projected deficit is up from the $56.8 million forecast in the city’s third-quarter financial report released in November. That report forecast a $17.2-million shortfall for Winnipeg Transit. “The continued impacts of COVID-19 and significant over-expenditures in snow and ice operations are the main reasons for the City’s forecasted financial shortfalls this year,” Coun.
Jeff Browaty, chair of the city’s finance committee, said in a release.Snow, COVID-19 continue to hurt Winnipeg’s bottom line: report According to the report, COVID-19 has led to an estimated $12 million in costs over and above the $41.3 million the city had anticipated the pandemic would have in its budget.Toronto homeowners who were out of town discover their property was fraudulently sold: police Then there was all the snow the city saw in the 2021-22 winter, which was made worse by the cost of fuelling snow-clearing equipment, the report says. “The total over-expenditure relating to snow removal and ice control is forecasted to be $52.6 million for the year, which includes an over-expenditure request for December operations,” the city said in a release Friday. “The report also notes fuel prices have escalated beyond what was anticipated in the 2022 budget update, which is largely impacting the operating budgets of Transit and the General Revenue Fund.Story continues below advertisement Browaty noted that the latest update does not include the positive impact expected from recently announced federal money for municipalities, like Winnipeg, facing transit shortfalls.The province and Ottawa have reached an agreement that will see federal funding of $19.4 million come to Winnipeg. “Even with this support, the City’s Financial Stabilization Reserve Fund may be left significantly depleted if it’s drawn upon to avoid a deficit in the General Revenue Fund,” Browaty said in the release.
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