Winnipeg’s year-end update increases projected surplus to $19.5 million

The City of Winnipeg released its year-end financial update Friday, and it includes a $19.5 million surplus.

That’s an increase to the surplus projected in November, which was $14.2 million.

“This year-end report is a positive reflection on the city’s fiscal management throughout 2018,” said Coun. Scott Gillingham, chair of the city’s Standing Policy Committee on Finance.

“Following positive trends in each of the preceding financial reports this past year, this report confirms the city is now able to contribute a strong surplus to the Financial Stabilization Reserve.”

Lower-than-expected snow clearing expenses in December contributed to the city’s savings, among other minor financial improvements throughout the city’s tax-supported departments.

The city’s financial update will be presented Feb. 7 to city council.

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