Longford County Council approves increase of overdraft facility to €20m

Jessica Thompson

Reporter:

Jessica Thompson

Email:

jessica.thompson@longfordleader.ie

Longford County Council headquarters

Longford County Council headquarters

Members of Longford County Council have agreed to approve an overdraft of €20m - an increase from €5.5m, following last week’s meeting.

Cllr Peggy Nolan was the first to show her support, stating that “if it was €40m, I’d still support it”, while Cllr Seamus Butler quipped that “an overdraft is like a bath - you should have one at least once a year”.

Cathaoirleach of Longford County Council Paul Ross agreed that the increase was a good idea because “we just don’t know where we’ll be in six months time”.

Director of Finance John McKeon explained that the overdraft didn’t have to be used this year and that it hopefully won’t have to be used next year, but said it was important to have it in place given the economic uncertainty in the midst of Covid-19.