Cash black hole grows deeper for Galway 2020
From this week's Galway City Tribune - A budget of €1 million ring-fenced for the legacy of Galway 2020 European Capital of Culture has instead been diverted to pay for operational and programme costs.
The news comes as Galway City Council confirms it is reneging on a €700,000 funding commitment to the beleaguered Galway 2020 company.
The €1 million fund was included in the Government’s €15 million commitment to Galway 2020. It was to be paid in 2021 and used to fund initiatives that would create a legacy from the yearlong prestigious European designation.
However, Galway 2020 pleaded with the Department of Culture to allow it use the €1 million legacy money for “programming and operational costs”. The Department agreed and the impact on legacy initiatives is now unclear.
Meanwhile, Galway 2020’s finances have been plunged into further difficulties after the City Council confirmed it cannot now pay the more than €700,000 it had pledged for the project.
Galway 2020 has been told: “As a result of the severe impact of Covid-19 on the revenue streams of the City Council, it is not currently in a position to guarantee the remainder of its commitment, with €713,000 outstanding”.
The City Council has already paid €3.1 million to Galway 2020, and spent €2.1m on the bid to win the designation. A Council spokesperson yesterday said it was still not in a position to pay its remaining €713,000 commitment. This is a shortened preview version of this article. To read the article in full, see this week's Galway City Tribune. You can buy a digital edition HERE.