City hall1Good news on the city financial front when it comes to the audited financial statements.

They were released this week and the mayor says liabilities went down and the debt is down to $62.9-million.

Mayor Al McDonald points out this is happening at a time when the city is spending more on infrastructure.

He says they’ve invested $55-million in infrastructure over the last 5 years and the debt has stayed the same.

McDonald says the debt is capped at $9-million a year and that figure will start going down in 2017.

He says these figures are proof the city is doing the right things including reinvesting in the city’s infrastructure and keep the tax increases as low as possible.

McDonald also says the city’s credit rating is Aa2 and that’s better than the province’s.