City Of Hamilton Generates Record High Revenue
The Corporation of Hamilton generated total revenue of $28.2 million last year, marking the highest annual revenue in the Corporation’s history.
A spokesperson said, “The Corporation of Hamilton today released its 2025 audited financial statements, reporting record annual revenue and a return to a strong operating surplus while once again receiving an unqualified audit opinion from its independent auditors. Members of the public can view the full financial statements here.
“Highlights from the 2025 results include:
Statement of Operations
“The Corporation generated total revenue of $28.2 million in 2025, up from $27.2 million in 2024, representing the highest annual revenue in the Corporation’s history.
“Total expenditures decreased from $28.0 million in 2024 to $27.1 million in 2025. Combined, these results produced an operating surplus of $1.1 million, reflecting continued prudent financial management, operational efficiencies and the Corporation’s strong overall financial performance.
Revenue growth was driven by several key areas, including:
- “Goods Wharfage increased to $8.67 million, reflecting robust import activity and sustained economic performance throughout Bermuda.
- “Car Parking Fees generated a record $5.64 million, with strong utilisation of City parking facilities, especially Bull’s Head and Par-la-Ville, combined with continued parking enforcement contributing to the increase.
Additional revenue increases included:
- “Dock Charges, which rose to $410,000 from $340,000 in 2024.
- “Other Permit and Licence Fees, which increased to $579,000 from $439,000 in 2024.
- “Property Rental Income, which climbed to $1.12 million.
“While miscellaneous income, ship wharfage, City Hall rental income and interest income declined during the year, overall revenue continued its upward trajectory.
“Expenditure reductions also contributed to the Corporation’s improved financial position.
Notable expenditure changes included:
- “Administrative and General Expenses, which decreased by approximately $1.9 million to $8.35 million, primarily due to significantly lower legal costs following the resolution of two longstanding legal matters. The Corporation’s litigation with Mexico Infrastructure Finance LLC [MIF] was settled in October 2024, while the Privy Council issued its decision on the Corporation’s constitutional challenge relating to municipal reform in October 2025. The conclusion of these matters substantially reduced legal expenditures during 2025.
- “Interest and Finance Charges, which increased by approximately $772,000 to $1.01 million, primarily as a result of financing costs associated with the $8.75 million Clarien Bank loan secured in March 2025 to fund the MIF settlement.
- “Works Depot Expenses, which increased by approximately $211,000 to $3.41 million, largely reflecting ongoing maintenance and repairs to the Corporation’s vehicle fleet.
- “City Hall Maintenance, which increased by approximately $196,000 to $1.27 million.”
The City’s Chief Financial Officer Tanya Iris said: “These results reflect the Corporation’s continued focus on responsible financial management. Achieving record revenues while reducing overall expenditure and once again receiving an unqualified audit opinion demonstrates the strength of our financial stewardship and ensures we remain well positioned to support the services and infrastructure that Hamilton relies on.”
A spokesperson added, “Overall, the Corporation improved its operating results by approximately $1.9 million, moving from an operating deficit of $790,000 in 2024 to an operating surplus of $1.1 million in 2025.”
“Members of the public can view the full financial statements here.”
If only the PLP Government would be so transparent.
Thank you outgoing Mayor for all you did during your terms of office. Thanks youninc9ming Mayor and officers. When the Hivr takes over we expect to hear and see similar results with audited statements on time and staff still happy and working g and not striking because of bad management. I doubtbit but its a hope.