Town’s capital budget approved

The town of Yarmouth approved its capital budget for the 2018-2019 fiscal year at its monthly council meeting on Feb. 8.

The budget, as previously reported in this newspaper, calls for $2,747,750 in capital spending over the upcoming fiscal year.

Much of the spending is in areas of infrastructure including on areas of sewer replacement and separation, street paving, sidewalks, traffic lights, down- town paving and fire hall work. There is also equipment replacement and trail work outlined in the budget. A complete list of projects is attached to the Feb. 8 town council meeting on the town’s website.

During the approval of the capital budget, town CAO Jeff Gushue also spoke to town’s long-term strategy of funding its depreciation.

“Within the town itself over the last 13 years we have invested $37.5 million dollars in capital, equipment and buildings and so on, and at the same time reduced our outstanding debt from $4.8 million down to $2.2 million,” said Gushue. “And that’s because you fund your depreciation and you have the money to do those things without borrowing.”

Gushue said the town services the debt every year and he expects the principal to be reduced by around $400,000 each year.