Winnipeg's second-quarter financial deficit experiences a modest decrease.

City of Winnipeg's Second-Quarter Financial Report Shows Shrinking Deficit

The City of Winnipeg's second-quarter financial report, tabled on Tuesday, indicates a promising improvement in the city's financial situation. According to Coun. Jeff Browaty, the chair of the finance and economic development committee, the deficit is shrinking, and the city is making progress towards balancing the budget by the end of the year.

The report reveals a $3.3 million surplus in Public Works, attributed to lower-than-expected snow clearing and ice control costs in the first quarter. Additionally, a $2.7 million surplus was reported in corporate finance, due to higher interest earned on short-term investments. These surpluses have partially offset deficits in several departments.

However, it's important to note that the surpluses in Public Works and corporate finance are not enough to fully offset the deficits in other departments. The Winnipeg Fire Paramedic Service and Winnipeg police are among the departments with deficits. The Fire Paramedic Service is showing a deficit of $3.1 million due to higher overtime and workers' compensation costs, while the Winnipeg police are reporting a deficit of $2 million for not achieving savings targets.

The planning, property and development department has a deficit of $4.3 million due to lower-than-expected revenue. Unfortunately, the search results do not provide information on the name of the head of the city's planning office related to this deficit.

The city's previous projection for the year-end deficit was $18.9 million. However, the current projection represents a decrease of $1.2 million from the first quarter's projection, and the year-end deficit is now forecasted to be $17.7 million. Coun. Jeff Browaty expressed his pleasure at the reduction in the deficit in his statement regarding the report.

The second-quarter financial report will be discussed when the committee meets on Sept. 18. The city's financial situation, as presented in the report, provides an update on the city's financial status as of a specific point in time. This report is a crucial step towards achieving Coun. Jeff Browaty's goal of balancing the budget by the end of the year.