Kilkenny council to seek €20m overdraft facility for 2021

Kilkenny County Council will apply for a €20 million overdraft facility for next year, following agreement by councillors.

It is an increase of €7 million on the €13 million facility initially sought last year, which in March was also increased to €20 million to provide emergency cover when Covid hit. The overdraft facility is required to fund the short-term working capital needs of the council, and before it can be applied to from the Department, it must be agreed by the elected members.

Estimated expenditure on the council’s capital and current accounts for 2021 is €120 million.

At the October meeting of Kilkenny County Council, head of finance Martin Prendiville told members the council wished to retain the additional facility of €7 million secured due to ‘ongoing uncertainty’ as a result of the pandemic. The item was proposed, seconded and agreed.