City expects $400,000 surplus for 2017
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Hey there, time traveller!
This article was published 03/11/2017 (2952 days ago), so information in it may no longer be current.
City hall is managing to keep its financial nose bobbing above water.
The City of Winnipeg’s latest financial report is projecting a year-end surplus of $400,000 in its operating budget — down from $1 million reported in October, but still in the black.
Finance officials said they expect the surplus to increase before the end of the year.
“The latest financial forecast demonstrates that we must continue to keep a tight control on expenses through to the end of the year,” Coun. Scott Gillingham, chairman of council’s finance committee, said in a statement Friday. “Departments must continue to control their expenses as changes in provincial funding or significant snow events could still impact our year-end results.”
Details on the financial situation will be discussed at the Nov. 9 meeting of the finance committee.
The projected surplus represents a major turnaround in the city’s operating budget. City hall started off the year facing a $9.5-million shortfall because of heavy December snowfalls and fell further deeper into the red as a result of transfers from the province being less than expected, pushing the operating deficit to $13.6 million by June.
Since then, however, civic officials made a series of belt-tightening moves across several departments, aided by a dollar-saving collective agreement.
The projected deficit was reduced to $8.2 million by September and, last month, the deficit turned into a slight surplus of $1 million — on a $1-billion budget.
aldo.santin@freepress.mb.ca