Today, Truro Town Council approved its 2024/25 operating and capital budgets with no increase to the residential or commercial tax rates. The budget presents a strategic approach aimed at addressing challenges, seizing opportunities, and fostering community development.
Tax rates have remained stable in the Town of Truro over the past five years. Residential properties will continue to pay $1.85 per $100 of assessed value and commercial properties will pay $4.50 per $100 of assessed value. Road Preservation Tax rates are also unchanged at $0.0525 for residential properties and $0.0475 for commercial properties, per $100 of assessed values.
During the presentation to Town Council, Director of Corporate Services, Bonnie Coulter, noted several key highlights from the past year. These included:
- Council’s approval of the new Community Plan, which includes the new Municipal Planning Strategy and Land Use Bylaw,
- Securing funding for the McClures Mills Road and Willow Street roundabout,
- Commencement of the TAAC revitalization project and new ballfield on Argus Drive,
- Ongoing repairs to the Colchester Legion Stadium to address damages incurred during Hurricane Fiona,
- The purchase of several large pieces of equipment, including a new pumper truck for the Truro Fire Service,
- Improvements to mitigate flooding in certain areas of the town, and
- The signing of a solid waste collection agreement, enabling biweekly leaf collection year-round.
The Town’s General Operating budget for 2024/25 will increase 10.9% compared to the previous year, reaching just over $37.7 million. The increase is attributed to a rise in property values along with the completion of several multi-unit residential properties and expansions at many commercial businesses. These increases have helped to balance out the inflationary pressures and increased costs to provide municipal services, including fleet operations, facility maintenance, and cyber security, allowing tax rates to remain stable.
The continuation of the Road Preservation Tax underscores the Town's commitment to maintaining its infrastructure. Funds allocated for road preservation are transparently managed, with details of recommended streets and costs available on the Town website.
The General Capital budget amounts to just under $25 million, including the Town’s contribution of $5.9 million. Investments include equipment replacements, facility upgrades, and infrastructure enhancements. Notable projects include the McClures Mills Road and Willow Street roundabout, advancing the Active Transportation Plan, a new ice plant at the Colchester Legion Stadium, traffic light installations, and support for the TAAC revitalization project, which includes the development of a new senior ballfield on Argus Drive.
The Water Utility Operating budget for 2024/25 totals $4.9 million, with no anticipated rate changes. The Water Utility Capital budget of nearly $2.1 million will focus on water meter replacement, treatment facility upgrades, and infrastructure repairs.
“The budget reflects the Town of Truro's commitment to prudent financial management, sustainable growth, and the well-being of its residents,” stated Town of Truro Mayor, Bill Mills. “Through strategic investments, Truro aims to build a resilient and thriving community for generations to come.”
To learn more about Council’s strategic priorities, please visit the Town’s website at www.truro.ca.
For more information contact:
Bonnie Coulter CPA, CA
Director of Corporate Services
Town of Truro
(902) 895-4484 or
Or
Alison Grant
Manager of Strategic Initiatives and Communications
Town of Truro
(902)893-1424 or