City of Winnipeg goes from $6M deficit to $700K surplus
The City of Winnipeg has moved from the red to the black in the span of a month, according to a report that council's finance committee will review on Thursday.
According to the general revenue fund financial status report, the city forecast a deficit of $6.1 million on Nov. 30.
Much of the overspending last year was caused by costs related to snow clearing and dealing with frozen pipes.
But milder weather this past December, along with some belt-tightening by the civil service, has left the city with a surplus of about $700,000 as of Dec. 31, the report says.
"It is not unusual to see improvements in the General Revenue Fund’s financial status throughout the year as more current information becomes available and actuals are realized," the report states in part.
The surplus money was transferred to the city's general purpose reserve fund, as approved by council on Dec. 10, according to the report.
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