The City of Winnipeg is heading toward a year-end deficit of $4.8 million — but city officials expect that red ink to turn black once all the accounts for 2016 are settled. The last year the city posted a year-end deficit was 2013, when the city fell $1.8 million short on its budget. The city has wound up in a year-end deficit position only once during the past five years. In 2015, for example, a first-quarter deficit projection of $2.6 million became a year-end surplus of $16.3 million. First-quarter deficit projections, however, usually don't predict actual deficits.

Source: CBC News May 28, 2016 10:41 UTC