City’s year-end projected deficit down by $9.4M

News source from CTV News

The City of Winnipeg’s year-end projected deficit has decreased by $9.4 million since the end of March.

According to a news release, the Financial Status Report to June 30 projects a deficit of $2.7 million at the end of the year. This marks a significant reduction from the first quarter when projections for the deficit were at $12.1 million.

The release said this decrease was caused by savings related to pensions, corporate account provisions and street lighting.

The city predicts the deficit will continue to decrease over the course of 2018, due to financial improvements and efforts to control expenses.

“The City remains on the right track to balance throughout the course of this fiscal year,” said Coun. Scott Gillingham, chair of the standing policy committee on finance.

“We have seen an encouraging reduction in the projected deficit and it will take a continued focus on fiscal responsibility to achieve balance.”

The city’s second quarterly financial update is scheduled to be presented at the meeting of the standing policy committee on finance on Sept. 4.

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