How 3 high-risk Nova Scotia towns say they're turning around their finances
CBC
After years of being flagged as financially high risk by the provincial government, three Nova Scotia towns say recent changes including staff cuts and new businesses that add to the tax base have helped move them in a better direction.
Trenton, Oxford and Clark's Harbour were all considered at "high risk of financial instability" in the most recent report of financial indicators, which examined 2021 and was released by the province earlier this year. They have all held that ranking since 2019.
"What it requires is extensive planning — which is why we entered into, you know so we have taken drastic steps to change our direction," said Trenton Mayor Donald Hussher.
Trenton, a Pictou County town of about 2,470 people, hired a new financial director to help bring in better budgeting practices. They also started regular financial reporting to make sure things stayed on track, Hussher said, a better process for collecting back taxes, and increased the funds going into reserves.
These moves were taken to tackle the fact that six of the 12 financial indicators for fiscal year 2020-21 were in the medium or high-risk categories.
The changes are all part of Trenton's recent action plan to address the financial indicators, which also has specific targets. The report said Trenton's staff and council are used to budget and risk management, having worked through "significant challenges" with major revenue losses related to the Trenton steel plant through the 1990s and early 2000s.
Hussher said while the risk of relying so much on a single business isn't likely to change soon — the local Nova Scotia Power plant is a major piece of their revenue
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