The city’s year-end projected deficit has been decreased by nearly $10 million.
The city’s Financial Status Report to June 30 projects a deficit of $2.7 million at the end of the year. This shows a reduction from the first quarter when projections for the deficit was $12.1 million.
The city was able to find savings through LED street lighting conversion, pension savings in police and civic plans and adjustments to provisions in corporate accounts, they said.
Winnipeg lowered its level of operating spending growth by five percentage points in 2015.
“We worked hard to find creative and innovative ways to reduce spending and costs while maintaining service levels,” said Winnipeg Mayor Brian Bowman.
Bowman added they’ve saved money prohibiting elected officials from putting alcohol on their expense sheets and cutting the mayor’s salary.
The city says it’s not uncommon for the second quarter forecast to report a projected deficit, which is then eliminated by the end of the year.
“The City remains on the right track to balance throughout the course of this fiscal year,” said Coun. Scott Gillingham, chair of the city’s finance committee.
See the full financial update through the city’s website.
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