City releases Financial Status and Forecast Report to March 31, 2021

City releases Financial Status and Forecast Report to March 31, 2021

COVID-19 continues to pose significant challenges to the City’s finances

Released: 9:34 a.m.

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 $12.7 million, as at March 31, 2021. The status report and forecast will be presented at the meeting of the Standing Policy Committee on Finance on June 11, 2021. 

As part of the 2021 budget update, the City had budgeted $61.2 million for anticipated COVID-19 related financial impacts. However, as at March 31, 2021, an estimated $26.9 million in further COVID-19 financial impacts are identified in the report. Transit is forecasting a deficit of $13.9 million for the year as ridership levels in 2021 average approximately 60% below normal levels.

“The City had adjusted its 2021 budget update in anticipation of ongoing challenges related to the pandemic, however the prolonged state of COVID-19 in our community is causing even greater impacts to the budget,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “It will be important for the City to maintain prudent fiscal management throughout 2021 as we continue to address COVID-19.”

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

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