Hamilton ends up with $10.8 million surplus in 2014

News Apr 13, 2015 by Kevin Werner Ancaster News

 Hamilton had a pretty good financial year in 2014.

City finance staff revealed the corporation had a $10.8 million surplus, helped by Horizon Utilities Corporation’s dividend and some financial help from the provincial government.

“It’s nice to hear,” said Ancaster councillor Lloyd Ferguson, who had feared the city would have a deficit. “This is all good news.”

Mike Zegarac, corporate finances general manager said the city had a $4.7 million tax supported surplus, while the rate budget came in at $6.1 million under budget, according to year-end 2014 numbers.

The money will be allocated to various reserves, including the tax stabilization fund  that have over the years been depleted, social housing, and water and storm sewer reserves, said Zegarac.

A sizable chunk of the surplus came from the HUC dividend the corporation provides the city every year. The other financial boost came from the province which reimbursed the city $1.4 million in ice storm damage costs. The city had been seeking compensation of $4 million from the province. The city did take a $2.8 million hit because of the damaged caused by the December 2013 ice storm.

Zegarac said the province is still reviewing Hamilton’s application for the rest of the compensation.

Ward 5 councillor Chad Collins did point out the public works budget was over budget by $8 million last year. The winter control program had a deficit of about $8.8 million.

Collins said the public works budget is becoming a troubling trend.  While he can accept a winter control budget in deficit the last two years because of the severe winters, Collins says the public works budget has been in a financial hole for a number of years. He asked senior administrative staff to report back to councillors on how to improve the situation.

 

Hamilton ends up with $10.8 million surplus in 2014

Hamilton had a pretty good financial year in 2014.

News Apr 13, 2015 by Kevin Werner Ancaster News

 Hamilton had a pretty good financial year in 2014.

City finance staff revealed the corporation had a $10.8 million surplus, helped by Horizon Utilities Corporation’s dividend and some financial help from the provincial government.

“It’s nice to hear,” said Ancaster councillor Lloyd Ferguson, who had feared the city would have a deficit. “This is all good news.”

Mike Zegarac, corporate finances general manager said the city had a $4.7 million tax supported surplus, while the rate budget came in at $6.1 million under budget, according to year-end 2014 numbers.

The money will be allocated to various reserves, including the tax stabilization fund  that have over the years been depleted, social housing, and water and storm sewer reserves, said Zegarac.

A sizable chunk of the surplus came from the HUC dividend the corporation provides the city every year. The other financial boost came from the province which reimbursed the city $1.4 million in ice storm damage costs. The city had been seeking compensation of $4 million from the province. The city did take a $2.8 million hit because of the damaged caused by the December 2013 ice storm.

Zegarac said the province is still reviewing Hamilton’s application for the rest of the compensation.

Ward 5 councillor Chad Collins did point out the public works budget was over budget by $8 million last year. The winter control program had a deficit of about $8.8 million.

Collins said the public works budget is becoming a troubling trend.  While he can accept a winter control budget in deficit the last two years because of the severe winters, Collins says the public works budget has been in a financial hole for a number of years. He asked senior administrative staff to report back to councillors on how to improve the situation.

 

Hamilton ends up with $10.8 million surplus in 2014

Hamilton had a pretty good financial year in 2014.

News Apr 13, 2015 by Kevin Werner Ancaster News

 Hamilton had a pretty good financial year in 2014.

City finance staff revealed the corporation had a $10.8 million surplus, helped by Horizon Utilities Corporation’s dividend and some financial help from the provincial government.

“It’s nice to hear,” said Ancaster councillor Lloyd Ferguson, who had feared the city would have a deficit. “This is all good news.”

Mike Zegarac, corporate finances general manager said the city had a $4.7 million tax supported surplus, while the rate budget came in at $6.1 million under budget, according to year-end 2014 numbers.

The money will be allocated to various reserves, including the tax stabilization fund  that have over the years been depleted, social housing, and water and storm sewer reserves, said Zegarac.

A sizable chunk of the surplus came from the HUC dividend the corporation provides the city every year. The other financial boost came from the province which reimbursed the city $1.4 million in ice storm damage costs. The city had been seeking compensation of $4 million from the province. The city did take a $2.8 million hit because of the damaged caused by the December 2013 ice storm.

Zegarac said the province is still reviewing Hamilton’s application for the rest of the compensation.

Ward 5 councillor Chad Collins did point out the public works budget was over budget by $8 million last year. The winter control program had a deficit of about $8.8 million.

Collins said the public works budget is becoming a troubling trend.  While he can accept a winter control budget in deficit the last two years because of the severe winters, Collins says the public works budget has been in a financial hole for a number of years. He asked senior administrative staff to report back to councillors on how to improve the situation.