If it’s June, then that means it’s time for Guelph City Council to sit as a shareholder. The City of Guelph is the sole shareholder of two different businesses, one is Guelph Municipal Holdings Inc, which holds our stake in Alectra Utilities, and the other is Guelph Junction Railway, which owns much of the train track that runs through the Royal City. And these two meetings are their story… for 2023.
NOTE #1: Delegates will be able to appear at these meeting in-person or via tele-presense but you do have to register with the clerks office before 10 am on Friday June 21. You can also submit written delegations and correspondences for agenda items.
NOTE #2: In addition to meeting in-person, this meeting will also be live-streamed on the City of Guelph’s website here.
Note #3: These meetings will start at the special times of 3:30 pm and 4 pm.
City Council as Shareholder of Guelph Municipal Holdings Inc.
2023 GMHI Annual Report to Shareholders – Chief Financial Officer Trevor Lee and Guelph’s director on the Alectra Board Jane Armstrong will deliver a report about the last year’s activities of GMHI, but that report was not included in this initial version of the agenda.
2023 Guelph Municipal Holdings Inc. Audited Financial Statements –If nothing else happened in 2023, it was certainly good financially for GMHI. The net income was $5.9 million for the year between the $2.1 million increase in value to GMHI’s 4.63 per cent stake in Alectra and $3.8 million in dividends paid back to the City of Guelph. This is an increase over 2022, which the report says is because of “$52 million additional income from operating activities and a reduction in associated operating expenses of $94 million, offset by increases in financing costs ($17 million) and an increase in taxes of ($35 million).”
See the complete agenda on the City of Guelph website here.
City Council as Shareholder of Guelph Junction Railway Limited
Guelph Junction Railway 2023 Annual Report – According to the report, 2023 saw a new historic high in both revenues (more on that in a minute) and rail volume. The focus again was on reinvesting in infrastructure and safety with new siding completed along tracks on Edinburgh Road, the removal of 272 tons of old scrap ties, phase one of new track construction along Woodlawn, and the purchase of two former Ontario Southland
Railway (OSR) locomotive and crew buildings in the Campbellville yard.
2023 Guelph Junction Railway Audited Financial Statements – As for those financial statements, GJR earned a net comprehensive income of $2.1 million for the year, which is an increase of $470,000, or 29 per cent, over 2022, and a positive variance of nearly $1 million from the budget. The City’s investment in GJR increased by almost $2 million, and the City is getting a $210,000 dividend for 2023.
Guelph Politico 