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Agenda Standing Policy Committee on Finance December 10, 2013

REPORTS

Item No. 1 Financial Status Report and Forecast to October 31, 2013

WINNIPEG PUBLIC SERVICE RECOMMENDATION:

That the Financial Status Report and Forecast to October 31, 2013 be received as information.

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ADMINISTRATIVE REPORT

Title: Financial Status Report and Forecast to October 31, 2013

Issue:

Critical Path: Standing Policy Committee on Finance

AUTHORIZATION

RECOMMENDATIONS

That the Financial Status Report and Forecast to October 31, 2013 be received as information.

REASON FOR THE REPORT

On December 17, 1997, City Council approved clause 1 of the report of the StandingCommittee on Fiscal Issues, which requires that a periodic report be approved on a quarterlybasis by the Standing Committee on Fiscal Issues. Since that time, the Standing Committeeon Fiscal Issues has been renamed Standing Policy Committee on Finance.

IMPLICATIONS OF THE RECOMMENDATIONS

The Public Service anticipates a projected deficit of $3.7 million. The forecasted results for theGeneral Revenue Fund at October for the past five years were as follows:

Year Surplus in millions2012 $ 8.52011 0.62010 3 8

Author Department Head CFO CAO

Paul Olafson Mike Ruta Mike Ruta D. JoshiA/CAO

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HISTORY

The Corporate Finance Department has prepared a report showing forecasted revenues andexpenses to December 31, 2013, for the General Revenue Fund, Utility Funds and Municipal

Accommodations Fund. This information was obtained from departments and was based onactual data as at October 31, 2013.

As at October 31, 2013, the City is forecasting a General Revenue Fund deficit of $3.7 million.The reasons for the deficit are indicated in the schedule entitled Budget Variances Arisingfrom the October 31, 2013 Forecast.

Attachments included are the following:

Schedule 1 The City of Winnipeg General Revenue Fund Financial Status Reportand Forecast;

Schedule 2 The City of Winnipeg General Revenue Fund Budget Variances;

Schedule 3 The City of Winnipeg General Revenue Fund Reconciliation of Augustto September Forecast;

Schedule 4 The City of Winnipeg Summary by Fund; and

Schedule 5 The City of Winnipeg General Revenue Fund Net Mill Rate byDepartment.

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FINANCIAL IMPACT

Financial Impact Statement Date: November 25, 2013

Project Name:

COMMENTS:

This report is prepared for information purposes.

Financial Status Report and Forecast to October 31, 2013

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CONSULTATION

In preparing this report there was consultation with:

All City of Winnipeg Departments

SUBMITTED BY

Department: Corporate FinanceDivision: Corporate ControllersPrepared by: Kaleigh WillsDate: November 25, 2013File No.

October Forecast

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