CIty Council reaping benefits of upturn in economy

And the city’s Chief Executive has described the authority’s finances as being in “rude good health”.

At a local authority meeting, Head of Finance Edel McCormack presented the Annual Financial Statement, outlining the state of the local authority coffers at the end of 2015.

“The beginnings of the upturn in the economy in 2015 resulted in increased income collection and consequent reductions in the amount of outstanding debt.

“The steadfast efforts of the team in the Debt Management Unit are reflected in the increased collection percentage for commercial rates and housing rents in 2015.

“The 2015 results reflect the successful efforts and actions taken to match expenditure with available funding and resources.

“The Council has implemented prudent expenditure controls, strengthened debt collection measures and reviewed work practices and resource demands.

“It is imperative that the Council continues this programme into the future in order to further strengthen its financial position,” said Ms McCormack.

She said debt collection rates are up from 66% in 2014 to 70% in 2015, while rent collection rates have increased from 78% to 79%.

The balance due on long-term loans was reduced to €73.8m from €85.7m.

Chief Executive Brendan McGrath said: “Within those figures is an amazing story to tell about how capital debt is being reduced and the building blocks for the future and being laid.

“The Head of Finance has presented a very positive report tonight. The team have done a very effective, professional job with a budget of €77m, and a small surplus is no mean achievement,” said Mr McGrath.