An independent auditor confirmed Bancroft’s principal debt at the end of 2015 is over $6.6-million.
Representatives from Collins Barrow Chartered Accountants made a presentation on the draft Consolidated Financial Statement to Bancroft Council.
It also says the town’s reserves sit at over $1.7-million.
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Mayor Bernice Jenkins confirmed these numbers are accurate, and were presented during the town’s public budget meeting, although reserves are higher as a result of all boards being factored in.
Jenkins says Bancroft Council is working hard not to take on any further debt unless a profit could be made.
Jenkins says the town struggles to balance services with cost, and paying off debt is big part of its expenses.
