COMHAIRLE CONTAE ÁTHA CLIATH THEAS
SOUTH DUBLIN COUNTY COUNCIL

MEETING OF SOUTH DUBLIN COUNTY COUNCIL

Monday, December 08, 2014

HEADED ITEM NO. 10

OVERDRAFT ACCOMODATION FOR 2015

REPLY:

In accordance with Sections 106 (7) and 106 (3)(a) of the Local Government Act 2001 borrowing is a reserved function which requires the approval of the local authority and the appropriate Minister.

The council currently has an approved overdraft facility of €25M in order to provide for temporary cashflow timing differences. The overdraft facility has not been utilised to date in 2014.  It is considered prudent to renew the overdraft accommodation of €25M for the period 2015.  Costs associated with the overdraft are limited to interest charges if the facility is used as the bank does not charge for the overdraft facility .

The proposed renewal of the overdraft facility for 2015 was noted at the November meeting of the Organisation, Procedure and Finance Committee.

Accordingly, it is recommended that the Council approve, subject to the sanction of the Minister for the Environment, Community and Local Government, the securing of an overdraft accommodation (to a maximum limit of) €25m for the period 01/01/2015 to 31/12/2015.