The Hamilton Conservation Authority continues to enjoy the rosier budget trend that began when the COVID-19 shutdown made more people flock to conservation areas like Valens Lake for fun.
Hamilton Conservation Authority posts bigger budget surplus
Nine-month revenues top expenses by $2.54 million
Income from higher interest rates helped the Hamilton Conservation Authority continue the rosier budget trend that began when the COVID-19 shutdown made more people turn to the great outdoors for fun
The Hamilton Conservation Authority continues to enjoy the rosier budget trend that began when the COVID-19 shutdown made more people flock to conservation areas like Valens Lake for fun.
The Hamilton Conservation Authority is on pace to post a bigger budget surplus than last year, continuing the rosier trend that began when the COVID-19 shutdown made more people turn to the great outdoors for fun.
But income from higher interest rates also helped the bottom line, members of the authority’s budget and administration committee heard at their Nov. 23 meeting.
Finance director Scott Fleming said overall revenues topped expenses by $2.54 million as of the end of September, up by $260,000 from 2022, with the bulk of the surplus generated by conservation areas.
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But he said the $2.3-million surplus contributed by the parks is down eight per cent even though fees from admissions, camping, the Fifty Point marina and cabin rentals at Valens Lake grew revenues by $264,000, or four per cent.
Higher staffing and other costs offset the revenue increase by boosting expenses by $463,000 over 2022, he said.
Elsewhere, the Westfield Heritage Village ran a modest $21,000 surplus, down from $31,700 in 2022 and partly reflecting a lower city subsidy of $474,000, which was $150,000 less than the year before.
The authority’s central administration meanwhile recorded a rare surplus of $198,000, a big turnaround from the 2022 deficit of $311,000.
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Fleming attributed the changed fortunes to a $367,000 increase in income from higher interest rates and $56,000 more in management fees for running city-owned Confederation Beach Park, which saw the reopening of Lakeland Pool.
The watershed management services division, which oversees permits and other planning matters, also appeared ready to hit a long-standing goal of breaking even, posting a $16,000 surplus, compared to a $231,000 deficit for the same period in 2022.
Fleming noted the final three months of the year typically see revenues dip with cooler temperatures as fewer people go to conservation areas but many expenses continue. That saw 2022’s budget surplus of $2.28 million for the first nine months fall to $1.68 million by the year’s end.
In the past, authority directors have banked budget surpluses for the creation of wetlands at upper Stoney Creek’s Saltfleet Conservation Area and other major projects.
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