City projects deficit of nearly $20M

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This article was published 10/09/2024 (452 days ago), so information in it may no longer be current.

The city expects to end the year with a projected deficit of $19.2 million, an improvement over a projected $39.3 million in the previous quarterly financial forecast.

“The improvement is due to better interest earnings, reduced debt charges and measures included in a mitigation plan to help address the forecasted deficit,” the City of Winnipeg said in a news release Tuesday.

“The measures included elimination of the transfer to the financial stabilization reserve for 2024, along with deferred debt charges, better interest earnings and expenditure management actions.”

The second-quarter report projects a Winnipeg Transit surplus of $400,000, double the amount projected in early June’s forecast.