City Council Preview – What’s on the Agenda for the June 27 Shareholder Meetings?

If it’s the end of June, then it’s time for what is, in essence, the annual general meetings for the two corporations that the City of Guelph is the sole shareholder of. At this meeting, we will learn about what kind of year it’s been for Guelph Municipal Holdings Inc. and Guelph Junction Railway. They are going to be parts one and two of a long triple header night in the council chambers.

NOTE #1: Delegates will be able to appear at this meeting via telephone, but you do have to register with the clerks office before 10 am on Friday June 24. You can also submit written delegations and correspondences for agenda items.

NOTE #2: The meeting will be the open to the public, but if you would like to follow it from home, you will still be live-stream the meeting on the City of Guelph’s website here.

Shareholder of Guelph Municipal Holdings Inc. Meeting Agenda

CLOSED MEETING:

Guelph Municipal Holdings Inc. District Energy Update – The shareholder will meet in closed session before the open meeting to discuss subject matter that is related to “advice that is subject to solicitor-client privilege, including communications necessary for that purpose.”

2021 Guelph Municipal Holdings Inc. Financial Statements – Thanks to the City of Guelph’s 4.63 per cent ownership stake in Alectra Utilities, GMHI posted $5.2 million in revenue for 2021. After you account for $108 thousand in losses from district energy, which is not as bad as the projected $137 thousand, plus a deferred tax expense of $166 thousand, and the $124 thousand in management and general administration expenses, GMHI had a total comprehensive income of $4.8 million last year.

2021 GMHI Annual Report to Shareholders – Director and Chief Executive Officer of Guelph Municipal Holdings Inc. Scott Stewart will deliver the report, but it was not included in the agenda package on Thursday. The report will be included in the amended agenda next Friday.

Shareholder of Guelph Junction Railway Limited Meeting Agenda

2021 Guelph Junction Railway Audited Financial Statements – GJR returned to pre-pandemic levels of business in 2021 with $1.1 million in net comprehensive income last year, which is $386 thousand more than what was originally budgeted. As a result of this economic turnaround, the City of Guelph will receive a dividend of $105 thousand, or 10 per cent of the net income from Guelph Junction Railway, this fiscal year.

Guelph Junction Railway 2021 Annual Report – Director and Chief Executive Officer of Guelph Junction Railway Limited Scott Stewart will talk more broadly, and beyond the financial statements, about what’s going on with GJR. He will talk about the 19 per cent rate of reinvestment into capital projects, the ongoing efforts to clean up scrap rail ties, the partnership with operator Goderich-Exeter Railway, the new contract for signal and track maintenance with PNR Railworks, and the monitoring of freight traffic for expanded business growth and potential congestion.

See the complete GJR agenda on the City of Guelph website here, and see the complete GMHI agenda here

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