Council in credit for first time in 30 years

FOR the first time in 30 years, Limerick City Council is in credit.

The annual financial statement for 2005, which has been circulated to the 17 elected representatives, sets out a dramatic turnaround in the city’s finances.

At December 31, 2004, the council’s balance sheet showed net current liabilities of over 20 million, while the city’s bank overdraft stood at nearly €18 million. However, by December 31, 2005 both liabilities and overdraft were completely cleared, according to the council’s financial statement.