Based on questions posed by one of our readers, we asked Finance Chief Roberto Rossini, the following questions:
Are the taxpayers of the City of Hamilton on the hook for the losses incurred by
the Waterfront Trust? Is this a contractual obligation between the Trust and
the City? Are there any other liabilities that are the responsibility of the
taxpayers outlined in the agreement between the City and the Waterfront Trust?
What are the financial reporting requirements outlined in this
Mr. Rossini's replies:
No, the City is not responsible for any losses by the HWT.
No, there are
no other liabilities.
There are no contractual obligations other
- the agreement with the HWT to operate and maintain the outdoor
skating rink (which is a city-owned asset); and
- the City only pays for
capital projects that it wishes the HWT to undertake on its behalf.
respect to paying for capital projects, the HWT undertakes the expenditures and
then files for re-imbursement. The HWT provides City Finance with spreadsheets
and other details we may require to verify the expenditures.
Thank-you Roberto for your responses.