Manitoba Posts Record $2 Billion Deficit Amid Hydro Losses and Legal Settlements

The deficit, the largest non-pandemic shortfall in Manitoba's history, is driven by reduced Hydro revenue and increased public sector costs.

The Manitoba government reported a deficit of just under $2 billion for the fiscal year ending in March 2024.
A significant drop in revenue from Crown-owned Manitoba Hydro, due to dry weather and low water levels, contributed to the deficit.
Increased spending from new collective agreements in the public sector and a lawsuit settlement over child welfare payments also drove up costs.
Manitoba has experienced budget deficits in every year but two since 2009.
The province is receiving a 24% increase in equalization payments from the federal government, amounting to an additional $840 million this year.