Projected $23M deficit, depleted reserve fund leave City of Winnipeg in 'new territory': finance chair
Projected $23M deficit, depleted reserve fund leave City of Winnipeg in 'new territory': finance chair
The City of Winnipeg may need to find millions of dollars in next year's budget to cover overspending after its latest financial report shows the forecast deficit for this year has grown.
The city estimates its deficit for this year will be $23.4 million — down from a projected $40-million deficit in June, but an increase of more than $4.2 million from the $19.2-million deficit forecast in the last financial update, delivered in September.
The city has repeatedly drawn from its fiscal stabilization reserve — sometimes referred to as its "rainy day fund" — to balance the budget over the last few years, meaning there is nothing there to help this time.
I think it's clear at this point that municipal funding regulations need to be completely renegotiated, but I doubt the political will is there.
My proposal ... all homes worth $2 million+ have an added 1% property tax ... all homeowners who own more than 1 house have an added 1% property tax on each excess property owned ... all residents who are worth over $2 million have an extra 5% income tax levied on them ... all landlords in possession of homes/rental units that have not been rented out in over 12 months pay an extra 10% property tax on said properties.