City of Hamilton revenue falls by almost $3m due to Covid
The City of Hamilton’s revenue fell by almost $3 million due to Covid-19 with projects such as road surfacing cut to save money.
However, the Corporation also announced that it was now debt-free, having paid off a $10.6 million loan to build a new works depot.
Figures released yesterday showed that due to Covid, revenue 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 drop with decreases of $1.3 million and $900,000 respectively.
The Corporation said it took steps early to reduce costs and said the road resurfacing budget was reduced, City-produced events were cancelled or scaled down and the hiring of new staff was placed on hold.
It said that as a result of those steps, as well as smaller reductions in other areas, expenses decreased by $2.6 million from $23.6 million in 2019 to $21 million in 2020.
The Corporation’s CEO Dwayne Caines, said: “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.”
In 2011, the Corporation obtained a $10.6 million loan to finance the construction of its Works Depot on Laffan Street, Hamilton to be repaid over 15 years but it was repaid in full by March 2020 and the Corporation currently has no debt.
The 2020 Financial Statements have been released on the Corporation’s website www.cityofhamilton.bm. They have been presented to the Minister of Public Works.