Thank you Mr. Speaker.
Mr. Speaker, I lay before this Honourable House the West End Development Corporations annual report for year 2019.
Mr. Speaker, the year 2019 was another extremely busy and exciting year for the Corporation with the completing of major investment and restoration projects critical to supporting one of the core functions which is to be Bermuda’s premier port destination. These consistent efforts were recognized again when the Corporation, for the fourth year in a row, won the Cruise Critics’ Choice destination award. This award is awarded by consumer voting throughout the region highlighting the best Cruise port destination in the eastern Caribbean, Bahamas and Bermuda
Mr. Speaker, The major Capital projects included:
- The Kings Wharf upgrade.
- Completing the purchase of the 2 new structures that were erected at the Government Quarry which now assist the Ministry delivering a dedicated Heavy Machine Garage building and larger location to house the Government Stores section.
- Phase 1 Solar project was delivered, and the Corporation is now seeing significant energy savings of more than $30k per month.
- Replacement of the Boaz Island Village Fresh and Flushing water system as well as upgrading the sewage infrastructure for the entire village.
- WEDCO has and remains committed to annually investing in the refurbishment and upgrade of our Residential inventory.
Highlighted performance accomplishments included:
- Continued increase in revenue.
- Continued retail growth.
- Expansion of new retail and experience business.
- Launching to market the new Prince Alfred Terrace Short term rental units.
- Completion of all Hurricane damage works.
- Focusing on working with small contractors so they are able to acquire contracts for many of the restoration and small to medium Capital projects.
- Mr. Speaker, I will now move on to the annual report for year 2019 which continued in high gear with the continuation of an extensive Capital investment program for the items previously mentioned as well as further enhancing and maintaining critical infrastructure and many Historic buildings.
Mr. Speaker, The Financial report highlights for 2019 show WEDCO assets of
$141,118,706 and Liabilities of $72,425,925.00. Total Revenues of $20,609,240 and expenses at $19,127,731. The result was an annual surplus of $1,481,509.
Mr. Speaker, The highlighted accomplishments include:
- Winning the Cruise Critics’ Choice destination award.
- Remaining focused on their legislated objective which is to develop the vested lands.
- Completing all Board approved objectives as well as several large Capital projects and leading the way with a large solar initiative.
Mr. Speaker, the last point of note is that I wish it to be acknowledged that Wedco consistently delivers their specific goals and objectives. I would like to thank the outgoing Chairman, Mr. Charlton Dill, the new Chairman, Mr. Neville Tyrrell, JP, MP, the Wedco Board of Directors, General Manager Andrew Dias and his entire team for their outstanding effort.
Thank you Mr. Speaker.