Corporation reports increased revenue as it remains debt-free
The Corporation of Hamilton has reported an extra $1.2 million revenue for 2021 — bringing its total to $23.8 million.
Hamilton’s audited financial statements came with an unqualified audit opinion ahead of the June 30 deadline, according to a statement issued yesterday.
Charles Gosling, the mayor, said Hamilton officials maintained extra policing in North Hamilton through last year to the present.
Mr Gosling said the police called the programme “money well spent”, with the extra duty officers deterring antisocial behaviour and crime along with targeted enforcement of parking violations.
He said the area was seeing low crime rates, adding that extra policing helped to identify fly-tipping offenders.
Dwayne Caines, chief executive officer, highlighted that the corporation remained debt-free, adding: “Appropriate forward fiscal planning by our team has ensured that we continue to operate within our financial parameters as responsible stewards of the public purse.”
The statements have been sent to Lieutenant-Colonel David Burch, the Minister of Public Works.
Part of the corporation’s increased revenue was attributed to an extra $800,000 in goods wharfage, to $7.1 million in 2021.
Car-parking revenues came in under $4.3 million in 2019, but were up $200,000 from 2020, to $3.3 million.
Property taxes rose $300,000 to $8.7 million.
Taxes were lower than normal for 2020 because of Covid-19 relief offered to rate payers.
Operating expenses rose 7.6 per cent, by $1.6 million, attributed to a return to normality after cost cutting in 2020 because of the pandemic.
The corporation is engaged in several capital projects, with the renovation of the Pier 6 complex on Front Street begun last year.
There are $500,000 in costs from the Albuoy’s Point improvement project nearing completion, while Washington Lane and the bathrooms on Victoria Street have been refurbished.
The corporation has put aside funding since 2016 to replace vehicles, with three new refuse trucks in the past five years.
The third truck, bought in 2021, went on the road this year.
Other projects finished last year were a new training facility at the corporation’s works depot, electrical upgrades at City Hall, a new litter vacuum, solar panels on Front Street and the installation of a barrier system at No 5 car park.
Design work was finished in 2021 for stairs now in place at the park on the corner of Court and Dundonald streets.
The 2021 financial statements are posted online here.