The City of Hamilton’s (CoH) revenue took a dive to the tune of millions due to the COVID-19 pandemic, decreasing by $2.8 million in 2020.
In a statement released on Wednesday (June 30), a spokesperson said: “Car parking fees and goods wharfage were the largest contributors to that decline with decreases of $1.3 and $0.9 million respectively.”
The City’s 2020 Financial Statements, have now been presented to the Minister of Public Works “by the prescribed deadline”.
CoH 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,” he added.
The CoH also invited “interested members of the public” to view the statements on the City’s website.
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.
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.
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.