Sanction sought for €13m council overdraft
Wexford County Council has sought Ministerial Sanction to obtain a temporary overdraft to cover the 2020 financial year.
According to Head of Finance Annette O'Neill, the current overdraft accommodation expires on December 31 of this year and it is necessary to 'seek Ministerial Sanction for borrowing by way of temporary overdraft for the 2020 financial year'.
Ms O'Neill informed the members that the 2019 overdraft approval in place is €13 million and 'it is necessary to continue at this level for the coming year'.
Therefore the approval of the council members was sought for borrowing, by way of the temporary overdraft accommodation of €13 million to December 31, 2020.
Following a short amount of discussion, the proposal was unanimously passed by the members.