Winnipeg reports budget shortfall and transit surplus in 2023 financial review

Winnipeg’s final fiscal report for 2023 shows a small shortfall in the general budget and a transit surplus.

The report reveals a deficit of $297,000 in the tax-supported operating budget and a surplus of $1.3 million in transit operations.

Winnipeg’s financial position improved by $6.8 million in December thanks to factors like less snowfall, positive revenues with interest, and savings on Winnipeg police pensions.

1:04 Winnipeg councillor on changing budgetary practices when it comes to snow clearing

“The city’s year-end results for 2023 are very encouraging when we consider the major financial challenges related to COVID-19 that we’ve faced in recent years,” Coun. Jeff Browaty said.

“In the end, departments were able to manage their budgets responsibly throughout the year and we enter 2024 in a position to start replenishing the Financial Stabilization Reserve Fund to help us in future years.”

Get breaking National news

Get breaking Canada news delivered to your inbox as it happens so you won't miss a trending story.

Sign up for breaking National newsletter Get Started

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Over-expenditures for 2023 in the snow clearing budget are pegged at $4.2 million compared with a whopping $52.5 million the year before. Most of the money was spent at the tail end of last winter.

The year-end financial status report will be presented at the meeting of the standing policy committee on finance and economic development on Friday.