Waterford City Council Inherits County Debt of €10 million euro

O Riain

Just saw on the WLR website that the merger has required the new council to apply for a loan of €21 million in order to manage the €10 million deficit of the previous county council. I realise the loan is from the Government but that does not make this any better.

I was very much against this merger from the beginning but this to me seems like a right sting to get at a very early stage. Can anyone please tell me the benefits of the city to this merger when the first thing we are faced with is a €10 million debt?

Also nice to see Mary Roche and Davy Daniels completely on the ball in assuming that the debt would be written down when a write down was never even mentioned. We are in good hands lads!

Full story here: http://www.wlrfm.com/news/local/6058-20-million-euro-loan-sought-by-waterford-council.html

Max Powers

so city debt was 11million if county was 10million. looks like incompetence on both sides on the face of it. of course our fantastic councillors will all vote for property tax decreases to look like they care about the little people. in my view, we should explore possibility of increasing it by 1-15% and money set aside for capital projects.

Sully

I remember people talking about the county debt and wanting to stay well clear of merging with them. It appears nobody was told the city was actually worse. That's a moment of egg on the face to the campaigners who used that as a big stick to poke the proposal with.

zurbfoundation

so is this like If you owe 10k and marry someone who owes 10k - do the couple just owe 20k? not sure what the point of the story is so,

jayboi

zurbfoundation wrote: »

so is this like If you owe 10k and marry someone who owes 10k - do the couple just owe 20k? not sure what the point of the story is so,

More importantly who is the wife in this situation?

Facts

As I said in the politics forum it is important the facts are published here. The fact is the county council has a legacy revenue deficit of aprox 10m & a surplus in their capital budget. However City council has a major deficit in it's capital budget in excess of 12m & a small running revenue deficit! Therefore it is actually the former city council who are in fact in a worse financial position than the county!

Restructuring all finances will allow for a major capital plan to occur which will benefit the whole of Waterford both city & county.

JohnC.

The City Council isn't inheriting anything. Something which won't exist any longer can't inherit.

robtri

City Council???
they didnt inherit anything....
the new merged council inherited it all....
to call it a city council is wrong...
Is it not Waterford City and County Council?

Poor Uncle Tom

robtri wrote: »

Is it not Waterford City and County Council?

Should be just Waterford Council

robtri

Poor Uncle Tom wrote: »

Should be just Waterford Council

you would think alright.... makes a lot of sense
but this is the public service we are talking about...... generally a nightmare