The Public Record | Hamilton's Civic Affairs News Site (https://www.thepublicrecord.ca/2016/03/hamilton-public-works-cmte-to-vote-on-685673-for-new-golf-carts/)
Hamilton Public Works Cmte to Vote on $685,673 for New Golf Carts
By Joey Coleman, Editor | March 20, 2016
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Hamilton's struggling municipal golf courses need 127 golf carts and City staff are recommending Council finance the cost of $685,673 from the Unallocated Capital Reserve.
Over the next four years, $89,150 will be taken from the Public Works operating budget to return funds to the Capital Reserve. This $356,000 will be combined with $342,900 which the vendor promises as the buyback amount in four years.
Staff say the purchase option will save $20,197 annually compared to the cost of renting golf carts from the vendor.
Staff say the City collects an average of $462,500 in golf cart rental income each year on the three municipal courses.
The golf courses previous contract for golf carts expired at the end of last golf season with a buyback transaction completed.
Councillors will vote on the financing plan during the March 21, 2016 Public Works Committee meeting and ratify that decision at the March 30, 2016 Council meeting.
Full Staff Report (PDF)
Hamilton Municipal Golf Courses
Use of Reserve Funds for Financing