City Releases 2024 Financial Statements
The Corporation of Hamilton released its 2024 financial statements, noting that total revenue for 2024 was $27.2 million.
A spokesperson said, “The Corporation of Hamilton today released its annual financial statements for 2024. The Corporation is pleased to note that our financial statements are presented again this year with an unqualified audit opinion from independent auditors.
“Interested members of the public are invited to view those statements here; a few highlights of which are included below:
“In 2024 the Corporation of Hamilton generated $27.2 million in total revenue and recorded $28.0 million in expenditures, ending the year with a modest shortfall of $789,891 before adjustment for one-off items. That’s a shortfall of less than 3 cents on the dollar, showing strong fiscal control in a year of increasing costs and continued investment in public services.
Statement of Operations
“Total revenue for 2024 was $27.2 million, a notable increase from $26.8 million in 2023. This represents the highest annual revenue ever achieved by the Corporation.
“The revenue growth was driven by strong performance in:
- Car Parking Fees rose to $5.23 million in 2024, the highest ever recorded, driven by higher usage and improved enforcement measures across Hamilton.
- Goods Wharfage, which increased to $8.05 million, reaffirming Hamilton’s role as a commercial gateway.
- Dock Charges and Miscellaneous Income, both of which saw year-over-year increases.
- Rents from Properties, which climbed to over $1.0 million, highlighting strong demand for City-owned spaces.
“Despite slight decreases in property tax income and City Hall rents, the overall revenue picture demonstrates upward momentum.
“The increase revenue was unfortunately offset by higher expenditures. In 2024 expenditures increased from $26.3 million in 2023 to $28.0 million in 2024.
“Key expenditure increases included:
- Administrative & General Expenses, which rose by $896,000 to $10.2 million, largely due to legal fees and increased wharf depreciation because of the completion of the Pier 6 upper level.
- Sanitation Services, up by $246,000 to $4.04 million, due to an increase in tipping fees and other sanitation related costs.
- Works Depot Expenses, increased by $274,000. The Corporation experienced breakdowns in several of our vehicles this year which resulted in increased maintenance costs.
- Sewerage Maintenance, jumped by $254,000, due to emergency repairs on Bermudiana Road and the installation of new pumps at the Laffan Street and Woodlands Road pump stations.
- Interest and Finance Charges and Property Maintenance also saw modest increases.
“Despite the rise in operational spending, the Corporation’s financial outlook remains strong.”
The full 2024 Audited Financial Statements follows below [PDF here]:
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