News Release: HAMILTON, Bermuda – The Corporation of Hamilton is pleased to announce that our 2021 Financial Statements have been released and are posted on our website www.cityofhamilton.bm.
The financial statements have been provided to the Minister of Public Works Lt Col David Burch, well ahead of our June 30th deadline.
The Corporation of Hamilton is pleased to note that our financial statements are presented each year with an unqualified audit opinion.
The City of Hamilton’s Chief Executive Officer, Dwayne Caines, stated: “The City is held accountable to its ratepayers 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. Among the key highlights of this year’s financial statements are an increase in our revenue stream by $1.2 million and the fact that we remain debt-free. 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.
“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 the 2021 statements here; a few highlights of which are included below:
Our revenue has increased by $1.2 million from $22.6 million in 2020 to $23.8 million in 2021. Goods Wharfage revenue increased by $0.8 million from $6.3 million in 2020 to $7.1 million in 2021. Property Taxes revenue increased by $0.3 million from $8.4 million in 2020 to $8.7 million in 2021. The 2020 taxes were lower than normal as the city offered COVID-19 relief to ratepayers. Car parking fees increased from $3.1 million in 2020 to $3.3 million in 2021. Although we are pleased to see an increase in Car Parking fees it should be noted that this revenue source is still significantly below 2019 levels when Car Parking fees were $4.3 million.
Operating Expenses have increased by $1.6 million or 7.6%. The increase can be attributed to the city returning to normal expense levels after significantly reducing expenses in 2020 due to COVID-19.
Each year a portion of the Corporation’s budgeted revenue is allocated to Capital projects. Included in ‘Assets under Construction’ are costs related to several large capital projects which will be completed in 2022. In 2021 the Corporation started the renovation of the Pier 6 complex on Front Street, as advertised to the public in a press release dated May 3rd, 2022. The Corporation incurred $0.5 million in costs related to the Albuoy’s Point improvement project. The park is expected to be completed later this month. Other large projects included the refurbishment of the Victoria Street Bathrooms which were opened on February 17, 2022, and the Washington Lane. Since 2016 the Corporation has set aside funds in the budget for the replacement of vehicles. This strategy has enabled the Corporation to replace three refuse trucks in the last five years. The third truck was purchased in 2021 and was placed on the road in early 2022. Other notable projects that were completed in 2021 were the addition of a new training facility in our Works Depot, upgrades to the electrical system at City Hall, a new Litter Vacuum, the installation of Front Street Solar Panels and the installation of a Car Park barrier system at #5 Car Park. Additionally, design work was completed for stairs to be added to the park on the corner of Court and Dundonald Street; the stairs were recently completed.
Mayor Charles Gosling said: “The City of Hamilton was pleased to be able to continue supplementary support of additional policing in North Hamilton throughout 2021 and 2022. The presence of the extra duty police officers not only discourages antisocial behaviour and criminal activity but also provides targeted enforcement of parking violations and assists with identifying ‘fly tipping’ offenders. Police reports show us that this is money well spent; North Hamilton is experiencing a trend of low crime rates and anti-social behaviour which, we believe, is a direct result of these patrols.”