It may not be as rare as a Christmas without snow, but city hall is poised to complete a major project well within its budget.

Winnipeg finance officials say the Waverley Street underpass at the CN main line between Taylor and Wilkes avenues is on track to be completed for $34.9 million less than its original budget.

A report to council's finance committee now pegs the price at $121.4 million, down from $156.3 million.

"The above projection is based on the fact that a majority of the work has been contracted with favourable pricing," public works engineer Brad Nierinck wrote in the report.

"In addition a number of risk factors have been reduced including delay risks surround the road/rail detours implementation as well as completion of a number of utility relocations."

The project is supposed to be completed in July 2020.