There has been a dramatic turnaround in the fortunes of Limerick City Council’s finances, which are back in the black for the first time in 30 years.
At the end of 2004, the local authority’s balance sheet showed a bank overdraft of nearly €18m and current liabilities of more than €20m.
However, the annual financial statement for 2005 shows a credit bank balance of €2.7m and current assets of €6m.
Mayor Diarmuid Scully paid tribute today to management and staff at Limerick City Hall for their part in helping to transform the financial position.
“I do not believe that there is another local authority in the country which has turned its financial position around so dramatically in so short a period of time,” he said.
Figures for 2005, which recorded the dramatic turnaround in the financial position, were recently circulated to members of the local authority.
The improvement in fortunes is partly due to a steady flow of contribution levies into the coffers from building developments around the city in recent years as well as a general tightening of purse strings under city manager Tom Mackey.
Mayor Diarmuid Scully also paid tribute to the 17 elected members of Limerick City Council who have unanimously passed the estimates for two years in a row.
“Without the responsible political leadership provided by every member of the council we would not now be in this happy position,” he said.