Smith called it “a testament” to the city’s business community being aggressive, entrepreneurial and opportunistic.
City government hasn’t done layoffs or furloughs during the crisis, although some employees have left jobs and their positions remain unfilled. Also, the city cut spending from the budget early in the year “to be on the safe side,” Smith said.
Staff travel was cut, some capital spending was postponed and other operating expenses were trimmed.
Through Aug. 31, income-tax revenues to the general fund were $14.1 million, compared with $15.6 million last year.
Total general-fund revenues through August were $31.5 million, down from $33.5 through August of last year and $34.5 million for that period of 2018, but ahead of the $31.2 million through August of 2017.
General-fund expenses for the period were $30.7 million, the lowest since at least 2015.
Meanwhile, unless something unexpected happens, Hamilton’s general fund budget for 2021 will be below the 2008 spending levels, Smith said.
Despite the pandemic, a variety of new businesses have announced they are moving in, or have opened along Main and High streets in recent months. Perhaps the one that has created the most buzz has been the project called HUB on Main, an indoor-outdoor bar in a key block that business people believe would create more traffic along Main Street. HUB stands for Hamilton’s Urban Back Yard. Also, a developer is planning a 50-plus apartment building, also on Main.
There are other companies that are moving into Hamilton that he can’t yet announce because they haven’t been finalized, officials have said.
Payroll has remained constant during the past decade-plus, according to city Finance Director Dave Jones, from $60,801,369 in salary and benefits in 2007 to $61,925,345 in 2019.
In 2008, “we had approximately 730 full-time positions compared to 624 currently,” Jones said early this year.
In 2008, the city’s general fund spending and transfers totaled $48.5 million, Jones said. “In 2020, our general fund adopted budget is $47.86 million.”
Plus, during that time, the city’s Meldahl Hydroelectric Dam started operations in 2016, adding about 10 operators. Those operators are employed and paid 100-percent by the City and reimbursed by American Municipal Power at 48.6%. At that same time, AMP started funding the city’s Greenup Hydroelectric Dam at 48.6%.
“The Greenup Hydroelectric Dam was funded 100 percent by the City in 2007,” Jones said. "The reimbursement from AMP for purposes of this calculation for both Mehldahl & Greenup Hydroelectric Dams in 2019 is estimated at $2,065,000.
The city also added seven police School Resource Officers that the city did not have in 2007. Those officers patrol the schools during the school year, and work on citywide patrols during the summer. Hamilton City Schools reimburse 75 percent of the salary and benefits, which totaled $550,000 in 2019, Jones said.
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