COMHAIRLE CONTAE ÁTHA CLIATH THEAS
SOUTH DUBLIN COUNTY COUNCIL

MEETING OF SOUTH DUBLIN COUNTY COUNCIL

Monday, October 10, 2011

MOTION NO. 4

MOTION: Councillor P. Cosgrave

That this Council ring fence the dividend due to be paid to South Dublin County Council from Irish Public Bodies Board believed to amount to close 200,000 euro and transfer this monies to the Housing Maintenance Budget to be used to upgrade interiors at Pearse Brother/Palmer Park Flats Ballyboden which have not been upgraded since the 1950s.

REPORT:

Irish Public Bodies have advised the council that a dividend totaling €214,984 will be paid to South Dublin County Council on foot of the financial results for Irish Public Bodies Mutual Insurances Limited in 2010.  Current indications are that tax of 20% must be applied to this dividend resulting in a net payment of €171,987 to South Dublin.  Irish Public Bodies have sought advice to clarify the tax position for the company and the shareholders arising from the payment of the dividend.

The Department of Environment Community and Local Government has recently approved a proposal made via the Improvement Works Regeneration Programme - Energy Efficiency to refurbish Pearse Brothers Park in Ballyboden.  It would be desirable to use this dividend to attract matching funding for projects such the Department of Transport Tourism & Sport 85% capital grant funding scheme.     

The dividend is expected to be received in November 2011 and a further update can be provided to the November meeting of the Organisation, Procedure and Finance committee.  Members may wish to further consider proposals for the use of these funds at this meeting when full details about the dividend are available.