Truro approves consolidated financial statements

Truro Town Council has approved the consolidated financial statements for 2016.

Mayor Bill Mills says the town was able to complete a number of large capital infrastructure projects last year, including the new library and Civic Square project, as well as upgrades to the Esplanade and Arthur Street.

Additional capital projects included paving on Curtis Drive, major infrastructure replacement including waterlines, sewer lines and paving on Hampstead Court, and floodwater management improvements.

In all, the town acquired $3.8 million in tangible capital assets in 2015-16.

At the end of 2016, Truro's long-term debt stood at $25 million, which Mills attributed to projects such as the new hospital, RECC, water treatment facility upgrades, the new library, and upgrades to other municipal buildings such as the police station, the fire station and town hall.

He says the town's plan moving forward is to focus on rebuilding the reserve funds so capital improvements can continue.