Corporation Publishes its 2022 Audited Financial Statements
For Immediate Release
Public Relations Manager
Corporation of Hamilton Releases 2022 Audited Financial Statements
Hamilton – July 10th, 2022
The Corporation of Hamilton is pleased to advise that the Corporation’s Financial Statements were provided to the Minister of Public Works Lt. Col. The Hon. David Burch OBE (MIL), ED, JP MP by the June 30th deadline. The Corporation is also pleased to note that our financial statements are presented each year with an unqualified audit opinion from independent auditors.
The City of Hamilton’s Chief Executive Officer, Dwayne Caines, stated, “The City is held accountable to its rate payers and, as such, we are proud to uphold our obligation to operate with fiscal prudence and engage in transparent processes by publishing our audited financial statements. One of the key highlights of this year’s financial statements is that – for the third consecutive year – the City currently has no debt.
“Furthermore, we were able to undertake several significant capital projects during this period without needing to obtain any loans. Projects included the complete renovation of Pier 6 to create an exclusive high-end waterfront event space, the fabrication and installation of the iconic BERMUDA Marquee sign, City Hall office refurbishment, the naming and enhancement of Dudley Eve Park, the internationally acclaimed Taste of Bermuda food festival event, the refurbishment of the Earl Cameron Theatre dressing rooms, and significant paving works along Victoria Street.
“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:
We are pleased to note that our revenue has increased by $1.7 million from $23.8 million in 2021 to $25.5 million in 2022. The increase can be attributed to the following areas: Car parking fees increased by $1.0 million from $3.3 million in 2021 to $4.3 million in 2022. Goods Wharfage revenue increased by $0.6 million from $7.1 million in 2021 to $7.7 million in 2022. Dock Charges revenue increased by $0.1 million from $0.3 million in 2021 to $0.4 million in 2022. Our revenue is now exceeding pre-covid level (2019 revenue was $25.4 million) due to increased activity in the city.
The increased revenue was however offset by increased Operating Expenses of $2.2 million from $22.6 million in 2021 to $24.8 million in 2022. This can be attributed to increases in Car Park Expenses which increased by $0.5 million, increases in General and Administrative Expenses which increase by $0.4 million and increases in Street Operations and City Hall Maintenance which both increased by $0.3 million. This is mainly due to increased operating costs for the city.
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