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Troubles For Truro's Owner

Published: May 2, 2012 1:04 pm ET

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The Nova Scotia Provincial Exhibition (NSPE), owner and operator of Truro Raceway, is seeking expertise from the local county to help overcome what could become a million-dollar deficit for the organization by the end of the year.

According to an article in the Truro Daily News, NSPE's financial liabilities total $565,000, with accounts payable receipts of $486,000, and monetary assets of $71,000.

Last week NSPE board member John Douglas and chairman Joel Henderson made a presentation to Colchester County Council seeking a representative to join its volunteer board and assist with its strategic plan going forward.

"We have a volunteer board with no resources that are probably this year going to be a million dollars in the hole," Douglas was quoted as saying at the meeting.

"Currently, the NSPE finds itself in a challenging position," added Henderson. "It is understaffed, which has made it difficult to market itself in the community. Due to these low staff levels, it has also become difficult for it to respond to new incoming business opportunities."

Henderson cited the decline in one of its major revenue sources -- pari-mutuel wagering at the Truro racetrack -- as one of its challenges.

According to the article, the matter will be discussed further in a future committee meeting.

"Just putting people on the board in itself isn't going to solve the NSPE's issues if it doesn't also receive capital support," said Coun. Bill Masters. "It is about money."

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