Longford County Council release their Financial Statement for 2024

Director of Finance for the Longford County Council, John McKeon presented the unaudited Annual Financial Statement for 2024 in the council chamber last week.

The statement covered the year that ended on December 31, 2024.

John kicked off the presentation with some good news for the attendees saying, “Another successful financial year.”

“It’s the most solid and robust balance sheet I’ve ever seen in my time as financial director.”

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As well the county council has seen a “consistent rise in finances since 2020.”

This is clear from the financial standing at the end of 2024.

Their cumulative revenue sits at a surplus of €419k. This continues a trend of continued surplus since 2016.

Fixed assets have also increased. The assets consist mainly of Housing Purchases and works in progress. They now sit at €18 million.

The assets can be divided among the municipal districts.

Ballymahon MD sees a figure of €3.2m, Granard MD sees €3.7m and Longford MD sees the highest number, with €11.1m in fixed assets.

Payroll costs have increased by €2.6m which John credited to the additional staff, the increase in pensions and gratuity costs and a rollback of FEMPI measures.

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An early redemption of housing loans saw a decrease in loans payable by €1.7m.

Key Takeaways from the presentation include the €6.98m increase in expenditure, however over that same period income increased by €7m.

This rise in expenditure can be attributed to Payroll and pension costs which increased to €2.62 million, operational expenses increased to €2.32 million, and administration expenses equaling €164k.

Establishment expenses required another €79k. Finally, financial expenses were responsible for a further €577k increase.

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Miscellaneous expenses cover Ukrainian-related costs and saw a decrease of €50k.

Grants and Subsidies Income categories increased in 2024, save for roads.

Last year saw an increase of €4.14 million, going from €34.58m in 2023 to €38.72m in 2024.

Housing Rental income increased by €2.9m, this is due to the rent review and increase in social housing.

Finally, it was revealed that from 2019 - 2023 the Longford County Council spent over €½ billion and is on course to spend the same from 2024-2026.