Hamilton turned a profit last year, according to the latest accounts.

Financial statements show that the Corporation of Hamilton generated $25.5 million in revenue during 2022 — an increase of $1.7 million on 2021.

It racked up $24.8 million in operational expenses — up by $2.2 million on the previous year — leaving the corporation’s finances in the black by $700,000.

A corporation spokeswoman pointed out that revenues had exceeded pre-Covid levels for the first time — revenue in 2019 stood at $25.4 million.

Dwayne Caines, the corporation’s chief executive, said that because of “fiscal prudence”, a number of capital projects had been advanced during the year without the need to borrow cash.

Mr Caines said: “One of the key highlights of this year’s financial statements is that — for the third consecutive year — the City has no debt.

“The City is held accountable to its rate payers and, as such, we are proud to uphold our obligation to operate with fiscal prudence and engage in transparent processes by publishing our audited financial statements.

“Furthermore, we were able to undertake several significant capital projects during this period without needing to obtain any loans.

“I would like to thank my finance staff here at the City for all of their work in completing these statements by the required deadline.”

Mr Caines listed a slew of infrastructure developments that had got under way during the financial period, included the complete renovation of Pier Six to create an exclusive high-end waterfront event space, the fabrication and installation of the iconic BERMUDA marquee sign and the refurbishment of City Hall offices.

Dudley Eve Park was upgraded, and the City also hosted the internationally acclaimed Taste of Bermuda food festival.

Other improvements included the refurbishment of the Earl Cameron Theatre dressing rooms, and significant paving works along Victoria Street.

The future of the Corporation of Hamilton and the Corporation of St George are uncertain after the Government passed legislation reforming how the municipalities are run.

Hamilton is in a legal battle with the Government over the issue, and has taken its case to the Privy Council in London.

Charles Gosling, the Mayor of Hamilton, has previously insisted that the present administration’s financial track record demonstrated that the City was being run effectively — and that interference from Government was not warranted.

Mr Gosling told The Royal Gazette in May: “We’ve been very proud of the fact that we have not had any debt, and this will get us into debt.

“The corporation has paved its way from the very get-go. It is not for any party to suddenly determine it is theirs and for their pleasure only.”

The latest accounts were presented to David Burch, the Minister of Public Works, last month, along with an unqualified audit opinion from independent auditors.

The statements can be read here.