Hamilton Street Railway Company Shareholder AGM – Summary and Key Details

High-level summary - The Deputy Mayor presided over the Hamilton Street Railway Company Shareholder AGM on September 4, with council members in chambers and some participants online. The meeting approved the agenda and minutes, and moved to consider audit exemption and confirmatory actions for HSR, with debates focused on financial transparency and oversight, and a plan for future discussions with the Finance department. No public input opportunities were explicitly announced during this excerpt.

Most important topics discussed

1) Approval of Agenda and Minutes - The agenda was approved without changes and the minutes from the September 24, 2024 meeting were adopted. - Quote: “May I have your hand vote, please? And that carries. Thank you.” - Impact: Establishes the meeting’s formal footing; sets the basis for proceeding with the shareholder resolutions.

2) Audit exemption for Hamilton Street Railway (HSR) - A resolution proposed exempted HSR from a separate audit since all transactions are processed through the City of Hamilton’s Public Works Department. - Quote: Nancy Perer clarified, “There are no transactions specifically to that company. Everything processes through the city of Hamilton and it's all recorded as city of Hamilton expenditures and revenues.” - Impact: Questions arise about external oversight and transparency of HSR’s finances when integrated into city processes; residents may be concerned about how performance is assessed.

3) HSR as a shell corporation - It was disclosed that HSR operates as a shell with no independent transactions; all activity is included in the city’s Public Works budget. - Quote: Nancy Perer explained, “HSR is included as part of public works under the transit division. So HSR comes to council through the budget process in the public works budget transit division.” - Impact: Heightens concerns about separate accountability for HSR and how its budget lines are scrutinized by council and the public.

4) Budget and financial oversight - Discussion focused on how HSR’s financial performance is tracked when it is part of the broader Public Works budget. - Quote: Councillor Clark stated, “I'm a little bit concerned here... How do we break it down so that we understand exactly the money that's coming into the HSR and the money that's going out of the HSR?” - Impact: Highlights the need for clearer separation or reporting to enable residents to understand HSR’s financial flow and performance.

5) Future discussions on financial clarity - There was a plan for further conversations with the General Manager of Finance to better understand HSR’s structure and oversight. - Quote: “Thank you. I'm going to mull that over a little bit and I'll speak with GM Finance.” - Impact: Indicates that additional transparency measures or clarifications may be pursued, potentially affecting future public reporting.

File numbers and bylaws - No file numbers or bylaw references were mentioned in this excerpt.

Opportunities for citizen input - No explicit avenues for public comment or input were stated in this portion of the meeting. The discussion about financial transparency may open future public engagement, but no contact details were provided here.

Motions, outcomes, and next steps 1) Approval of Agenda - Outcome: Passed unanimously via hand vote.

2) Approval of Minutes from September 24, 2024 - Outcome: Passed unanimously via hand vote.

3) Shareholder Resolutions for Audit Exemption and Confirmatory Actions - Outcome: Pending electronic vote; final decision not concluded in this transcript.

Councillors present - In chambers: Deputy Mayor (presiding), Councillors McMin, Casar, Nan, Crutch, and Clark. - Online participation: Councillors Francis, Alex Wilson, Morin Wilson, and Spataphora. - Other participants: Nancy Perer, Acting Director of Transit (present to provide clarifications).