City releases Financial Status and Forecast Report to March–31,–2022

Released: June 7, 2022 at 9:55 a.m.

COVID-19 and other financial pressures cause shortfalls in City’s operating budget

Winnipeg, MB – The City of Winnipeg’s first quarter financial status and forecast report is forecasting a projected deficit in the tax-supported operating budget (General Revenue Fund) of $53.9 million and an additional shortfall of $10.5 million in Transit as at March 31, 2022. The financial status and forecast report will be presented at the meeting of the Standing Policy Committee on Finance on June 13, 2022

COVID-19 continues to have a significant impact on the City’s financial forecast above what was budgeted for. As part of the 2022 budget update, the City had budgeted $41.3 million for anticipated COVID-19 related financial impacts. However, as at March 31, 2022, an estimated $15.3 million in further COVID-19 financial impacts are identified in the report. Transit ridership in 2022 has improved over the previous year, but is still averaging approximately 48% below normal levels.

To help address the ongoing effects of the pandemic on the City’s finances, the report recommends reductions of certain expenditures, as well as transfers to the General Revenue Fund from reserves, certain special operating agencies and the Water and Waste operations in excess of amounts already budgeted in 2022, totaling $7 million.

Significant amounts of snowfall have also resulted in budget shortfalls. The financial impact of this is included in the report, as well as financial challenges present in the Winnipeg Police Service and the Winnipeg Fire Paramedic Service.

“The City anticipated continued challenges due to the pandemic in 2022, and we’re seeing the effects of COVID-19 on our finances in the first quarter report,” said Councillor Jeff Browaty, Chairperson of the Standing Policy Committee on Finance. “We will continue to take fiscally prudent steps to mitigate the impacts of the pandemic on our finances while minimizing impacts on City operations.”

The City’s financial update is publicly available through the Decision Making Information System (DMIS).

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