Laois County Council agrees bank overdrafts totalling €23 million
'We try not to use it' borrowed cash options approved
Laois County Council has agreed bank overdrafts totalling €23 million for the coming year, but they will rarely be used a senior official says.
Laois councillors proposed and seconded their approval of an €8 million overdraft for the year ending December 31 2026, to finance working capital. It was proposed by Cllr John Joe Fennelly, seconded by Cllr James Kelly.
A second overdraft was approved for €15 million, "to facilitate any timing issues regarding the payment of payroll and pensions for My-Pay". This was proposed by Cllr Ben Brennan, seconded by Cllr John King.
Director of Services for finance Julie Bergin told the councillors why they need overdrafts.
"It's rarely used, we try not to use it. This is our annual application of overdraft accommodation, to fund any issue should we require an overdraft during the year," she explained.
This year Laois County Council has its biggest annual budget ever at €124 million. Laois County Council also handles MyPay, which pays the wages and pensions of every local authority in Ireland.