City releases Financial Status and Forecast Report to September 30, 2020
Safe Restart funding announced, allocations to be finalized with province
Released: 9:43 a.m.
Winnipeg, MB – The City of Winnipeg’s third quarter financial status and forecast report is forecasting a combined year-end operating shortfall of $22.9 million for the City of Winnipeg. This amount includes a shortfall of $32.4 million in Winnipeg Transit and a projected surplus in the tax-supported operating budget (General Revenue Fund) of $1.1 million, as at September 30, 2020. The report will be presented at the meeting of the Standing Policy Committee on Finance on November 13, 2020.
The COVID-19 Crisis Cash Flow Management Plan actions approved by Council have reduced what would have been a total projected year-end shortfall of $59.7 million to $22.9 million in 2020.
Provincial allocation amounts have recently been announced for the Safe Restart funding from the Government of Canada that will be distributed to municipalities and cities across Canada. This financial status and forecast report does not include the impact of the Safe Restart program funds, as the City awaits formal communication from the Province of Manitoba on potential conditions or restrictions on the use of funds and the allocation of transit funding. Winnipeg’s allocation for the municipal portion of the program is $42.2 million.
“The federal Safe Restart program has provided funding that will greatly assist the City’s ongoing efforts to address the financial challenges caused by COVID-19,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “Safe Restart funds will be allocated to address the City’s significant forecasted shortfall in Transit, as well as to offset revenue losses in the operating budget. We will continue to be vigilant and carefully manage the ongoing financial impacts of the pandemic.”
The City’s financial update is publicly available through the Decision Making Information System (DMIS).
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