Northern Library Board clears £9m debt early

Belfast Education and Library Board was celebrating today after paying off its £9 million debt to the British Government a year early.

The debt was built up by an overspending of funds in 2003/04 and they were given until next year by the Department of Education to clear it.

Board chairman, new Belfast Lord Mayor Jim Rodgers praised the work of principals, teachers, school staff and board officers after confirmation the millstone around the board’s neck was gone.

The news was given at the monthly meeting of the board yesterday at which the annual accounts for the year to last April were presented by chief finance officer David Megaughin.

Mr Rodgers said: “It is most satisfying for members and officers that this has been achieved in such record time. I would like on behalf of members to thank all staff in schools and at the centre for their unstinting efforts.”

Mr Megaughin told the board that the accounts should be audited by October and that he did not expect the final figures would be materially different to the draft presented to members.

He said: “We have been forecasting a successful outturn from the end of the last calendar years but the final figures have surpassed all of our expectations.

“It is a fitting tribute to everyone involved that we have cleared the debt one year ahead of schedule.”

The South Eastern Education and Library Board which also ran up a multi-million pound overspend – and had commissioners put in to run it – has yet to clear its debt.