Council, as shareholders, voted to receive the Guelph Municipal Holdings Inc. audited finance statements and the Guelph Junction Railway Limited Annual Report on Monday.
Since the last meeting, the assets of Envida were moved to the holdings company and folded into Guelph Hydro, Guelph Politico reported. On Jan. 1 of this year, Guelph Hydro was formally merged into Alectra.
The merger was very smooth as the old hydro company was handed off to Alectra, officials told Council.
The Guelph representative on the Alectra board, Jane Armstrong, is taking over for Deputy Chief Administrative Officer Trevor Lee, the chief executive of GHMI.
A presentation from Armstrong and Lee highlighted accomplishments as a year-in-review, including that GMHI received $18.5 million upon amalgamation, of which $12‐$15 million is anticipated to flow through to the City as a special dividend.
The annual dividend from Alectra estimated to be $3.6 million of which approximately $2.9 million would be passed to the city for 2019.
The City of Guelph and the community received $30,000 from “AlectraCares”.
Sponsorship program and dedicated funds were given to Innovation Challenge – Global Capital 2019: Capital Exchange, Energize Guelph: Reusable Water Bottle Vending Machines, Energize Guelph: Park Activation Stations and the My World, My Choice Mentorship program.
Couns. Phil Allt and Dan Gibson were not in attendance, sending regrets.
Later in the Council meeting, after a closed session, Council voted unanimously to receive the Guelph Junction Railway report.
The GJR board chair, Ian Brown, raised concerns about in-camera decisions being made about the railway as he and another board member are not able to take part. The “in-camera” meetings are private, closed off times when Council meets in a back room.
Brown said that GJR revenues are rising, despite profits not increasing because the organization is reinvesting into infrastructure.
The chair said GJR was “conservative” in their dividend for 2019 — at $80,000 — as they did not want to return next year for loans in an effort to end debt.
KPMG was re-appointed as the external auditor for GJR unanimously by Council.
A special resolution came out of the closed, in-camera session. Beyond receiving a limited governance review, Council approved appointing a new governance structure for GJR, as well as two other more minor structural changes.