CoH: Revenue Decreased By $2.8M In 2020

July 1, 2021 | 3 Comments

Due to the pandemic, the Corporation of Hamilton revenue decreased by $2.8 million in 2020, with the CoH saying that “car parking fees and goods wharfage were the largest contributors to that decline with decreases of $1.3 and $0.9 million respectively.”

This was stated as the CoH released their 2020 Financial Statements on their website www.cityofhamilton.bm, noting that they have now been presented to the Minister of Public Works Lt/Col David Burch “by the prescribed deadline.”

The City of Hamilton’s Chief Executive Officer Dwayne Caines stated, “The City is held accountable to its rate payers and is pleased to publicly publish its audited financial statements.

“Here at the City, we are proud and obligated to operate with fiscal prudence and engage in transparent processes. One of the key highlights of this year’s financial statements, is that the City currently has no debt; despite the fact that the Covid-19 pandemic significantly lowered our revenue streams for 2020. I would like to thank my finance staff here at the City for all of their work in completing these statements by the required deadline.”

The CoH added, “Interested members of the public are invited to view those statements here; a few highlights of which are included below:

Revenue

“As a result of the Covid-19 pandemic our revenue has decreased by $2.8 million from $25.4 million in 2019 to $22.6 million in 2020. Car parking fees and goods wharfage were the largest contributors to that decline with decreases of $1.3 and $0.9 million respectively.

Operating Expenses

“In anticipation of a decline in revenue, the Corporation took steps early in the year to reduce expenses. The road resurfacing budget was reduced, City-produced events were cancelled or scaled down and the hiring of new staff was placed on hold. As a result of these steps, as well as smaller reductions in other areas, our expenses decreased by $2.6 million from $23.6 million in 2019 to $21 million in 2020.

Loan

“In 2011, the Corporation obtained an $10.6 million loan to finance the construction of its Works Depot on Laffan Street, Hamilton. The loan was to be repaid over 15 years. The Corporation is pleased to report that the loan was repaid in full by March 2020 and the Corporation currently has no debt.”

The full Financial Statements follow below [PDF here]:

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Comments (3)

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  1. DUNN JUICE says:

    Maybe its me, be is there any reason the COH trash trucks need be out in rush hour traffic, morning and evenings collecting trash.
    Oh well they know best I guess.

  2. Guy Carri says:

    I know how you could’ve saved money, NOT take away parking spaces and make sidewalks bigger! To boot you paid outside contractors to do it!

    Making the city less and less welcoming for people to drive, park and shop.

    Killing businesses one less parking space at a time.

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