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.”

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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.