Corporation of Hamilton Releases 2020 Audited Financial Statements

Hamilton – June 30, 2021

The Corporation of Hamilton is pleased to announce that our 2020 Financial Statements have been released and are posted on our website www.cityofhamiltom.bm.

The financial statements have now been presented to the Minister of Public Works Lt. Col. The Hon. David Burch OBE (MIL), ED, JP MP by the prescribed deadline.

The City of Hamilton’s Chief Executive 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. 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.”

Interested members of the public are invited to view those statements here; a few highlights of which are included below:

Revenue
As a result of the COVID-19 pandemic our revenue has 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 that decline with decreases of $1.3 and $0.9 million respectively.

 Operating Expenses
In anticipation of a decline in revenue, the Corporation took steps early in the year to reduce expenses.  The road resurfacing budget was reduced, City-produced events were cancelled or scaled down and the hiring of new staff was placed on hold.  As a result of these steps, as well as smaller reductions in other areas, our expenses decreased by $2.6 million from $23.6 million in 2019 to $21 million in 2020.

Loan
In 2011, the Corporation obtained an $10.6 million loan to finance the construction of its Works Depot on Laffan Street, Hamilton. The loan was to be repaid over 15 years.   The Corporation is pleased to report that the loan was repaid in full by March 2020 and the Corporation currently has no debt.

### ENDS ###