City Forecasting $14.2 Million Surplus

City Forecasting $14.2 Million Surplus

Winnipeg, MB - The City of Winnipeg is forecasting a projected surplus in the General Revenue Fund of $14.2 million. This surplus is greater than the previously anticipated $9.5 million that was projected September 30, 2018.

In accordance with Council policy, if the General Revenue Fund reports a surplus at year-end, it will be transferred to the Financial Stabilization Reserve.

Additional savings realized since the last report contributing to the higher projected surplus include increased revenues from Winnipeg Police Services, departmental improvements from Planning, Property and Development, additional savings in debt and finance charges, and improvement in salary and benefit expenses in Winnipeg Fire Paramedic Services. A significant factor resulting in a reduction of projected surplus is the higher than budgeted provision for outstanding assessment appeals.

The City’s latest financial status report notes that Winnipeg Transit is forecasting a year-end operating surplus of $12.8 million, which is calculated separately and does not impact the forecasted General Revenue Fund surplus of $14.2 million.

City of Winnipeg

TOPICS:   Winnipeg News

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