City Publishes 2019 Audited Financials
For Immediate Release
City of Hamilton Publishes 2019 Financial Statements
Hamilton – August 26th, 2020
The Corporation of Hamilton is pleased to announce that its audited 2019 Financial Statements have been posted to the City’s website, www.cityofhamilton.bm.
City Chief Operating 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.”
Revenue increased from $25.0 million in 2018 to $25.4 million in 2019. The installation of barrier systems in five of the City’s car parks has proven to be a successful move with $300k of the overall increase attributable to additional car park revenue which climbed from $4.0 million in 2018 to $4.3 million in 2019. Another notable revenue increase was seen in Wharfage revenue which rose by $100k from $7.0 million in 2018 to $7.1 million in 2019.
Expenses increased from $21.7 million in 2018 to $23.5 million in 2019 representing a total increase of $1.8 million. The bulk of the increase was in Adminstrative and General Expenses which rose by $1.5 million from $8.6 million in 2018 to $10.1 million in 2019. The rise can be attributed to an increase in legal fees and staff costs. The City saw savings of $201k in reduced Interest and Finance charges which decreased from $526k in 2018 to $325k in 2019. The City has made several payments on the loan balance which has resulted in a lower interest expense. There have been no substantial differences in other operating expenses from 2018 to 2019.
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