Despite the harsh economic climate, the Corporation of Hamilton has grown in value, owning more than $50 million in assets.

In an effort to update it's accounting standards, the Corporation for the first time inventoried all of its assets as a part of its 2009 audit.

The KMPG audit estimated the Corporation's total assets at the end of 2009 at around $52 million.

According to the auditors, the value of the Corporation's assets had risen by more than $6 million since the end of 2008.

In 2009 the Corporation pulled in $990,000 in profit, just under their budget for the year, which was $1 million.

$8.2 million was spent on capital projects during 2009, and another $1.3 million went towards paying outstanding loans.

KMPG also stated that the Corporation demonstrated a "significant improvement" in the area of control since the previous audit.

A 2008 audit of the Corporation the company withdrew after they were asked to investigate concerns about undeclared personal interests and non-business related expenditure on corporate credit cards.

The Mayor at the time, Sutherland Madeiros, said he believed the concerns were unsubstantiated, and questioned why they were raised at all.