$81.1M
Total
Revenue
1% from previous year
$38.6M
Operating
Expenses
5% from previous year
$45.0M
Capital
Investment
28% from previous year
$98.2M
Energy Purchasing and Transmission
1% from previous year
The total operating expense of $38.6 million incurred to run the operations of all the utilities is slightly higher than in 2014.
Revenue of $81.1 million is an increase of one per cent over the 2014 balance of $80.0 million.
We also managed capital investments of $45.0 million in 2015, most of which relate to replacing ageing infrastructure.
In addition, Utilities Kingston is responsible for managing the purchase and transmission of gas and electric energy for our customers. Neither Utilities Kingston nor our primary customers make any profit from the provision of this service.
In total, these purchases represented $98.2 million for 2015, a one percent increase from the 2014 value of $97.6 million (restated in accordance with International Financial Reporting Standards).
$25.0M
Total Revenue
$12.3M
Operating Expenses
$25.2M
Capital Investment
Revenues billed on behalf of the City of Kingston were $25 million, a three per cent increase over 2014 and 99 per cent of budget.
Operating expenditures incurred were $12.3 million, slightly increased from 2014 and 93 per cent of budget.
A total of $25.2 million in capital improvements was invested in the water utility in 2015, with the major expenditure being the expansion of the Point Pleasant Water Treatment Plant.
$28.3M
Total Revenue
$13.5M
Operating Expenses
$10.9M
Capital Investment
Revenues billed on behalf of the City of Kingston were $28.3 million, a three per cent increase over 2014 and 99 per cent of budget.
Operating expenditures incurred were $13.5 million, which is two per cent more than in 2014 and 94 per cent of budget.
In 2015, $10.9 million was spent on capital projects for the wastewater utility.
$10.0M
Total Revenue
$3.6M
Operating Expenses
$3.7M
Capital Investment
Total revenues billed on behalf of the City of Kingston for its natural gas distribution business were $10.0 million, similar to 2014.
Operating expenditures incurred were $3.6 million, similar to 2014.
In 2015, $3.7 million was spent on capital reinvestment in the gas utility.
$11.4M
Total Revenue
$7.0M
Operating Expenses
$3.4M
Capital Investment
These are Kingston Hydro's first financial statements prepared in accordance with International Financial Reporting Standards (IFRS). The corporation has restated its opening balance sheet at January 1, 2014, its IFRS transition date, by applying IFRS retrospectively.
Local distribution and other revenue billed on behalf of Kingston Hydro Corporation was $11.4 million, a decrease of three per cent from $11.7 million in 2014 (restated for IFRS).
Operating expenditures of $7.0 million were eight per cent higher than 2014, mainly due to an increase in expenses related to developing a five-year electricity distribution plan.
In 2015, $3.4 million was invested in capital improvements to the electrical systems.
$2.3M
Total Revenue
$0.5M
Operating Expenses
$0.8M
Capital Investment
Revenue for the appliance business was $2.3
million, an increase of seven per cent over 2014 and
106 per cent of budget.
Operating expenditures of $513,000 resulted in
a net income for the appliance rental business
of $1.82 million, an increase from 2014. This business
returned $1 million to the City of Kingston’s
Environmental Reserve Fund in 2015, an increase from 2014.
Annual routine replacements and new installations of water heaters amounted to $785,000 in 2015.
Utilities Kingston also owns and operates a competitive fibre optics business, the results and performance of which are reported annually to the Board of Directors.