Welcome to the Finance Section

Introduction

Public Counter Opening Hours: 9.30am -4.00pm

Marie Leydon : A/ Head of Finance, Tel: 071-9111121
Breda Ronayne : Administration Officer, Tel: 071-9114417

Income is processed from the following sources - The Cash Desk Receipting area at the Finance Office of the Town Hall, Standing Order Payments received through the Bank, Revenue Collectors and via the household budgeting process of An Post.

The charge for Rent is accrued on a weekly basis in conjunction with the housing Department. Loan accruals are run on a monthly basis following the administration of the loan set-up process within Housing. Redemption figures and balances are available from Finance. The Calculation of TRS - Tax Relief at Source is processed by the Finance Department.

Rates

Rates are levies on the occupiers of Commercial and Industrial property based on the value of the property as determined by the valuation office (http://www.valoff.ie). All queries in relation to valuations need to be directed to the valuation office. The charge for Rates is calculated form the value of the property and the rate of multiplier arrived at in the budgetary process each year.

Purchasing - Payments

Local Authorities are subject to National and EU public policy in relation to Tendering/Procurement.

Prompt Payments of Accounts Act 1997.

The prescribed payment date is 45 days from receipt of invoice where no contract of from receipt of goods whichever is later.

Financial Management

As part of Better Local Government (BLG) the Department of the Environment and Local Government introduced a new Financial Management System (FMS).

Phase 1 of the Financial System AGRESSO Business World was introduced in June 2001 and Phase 11 in May 2003.

This involved the introduction of a full double-entry system of accounts operated on the accruals concept, which has replaced the traditional approach of preparing accounts on a receipt and expenditure basis. The Accruals concept indicates that income and expenditure are recognised as they are earned of incurred, not as money is received or paid.

Cash Flow Management

It is vital that cash is managed properly to ensure that funds are in place to make payments. There is constant dialogue with other departments to monitor activities revolving around funding from Capital Grants and borrowings.

Annual Financial Statement

The Annual Financial Statement (AFS) is the Boroughs financial position at the end of the year. The structure of the AFS has been changed to bring it into line with modern reporting formats. This will lead to full Balance Sheet Accounting presented in the Statement of Balances for 2003. For a copy of 2001 Audited AFS contact Marie Leydon 071-9114400 or email mleydon@sligoborough.ie.

Annual Budget

The finance department is responsible for the preparation of the overall budget in consultation with each Department of the Council. Revenue Expenditure and Income are broken down into 8 programme groups reflecting day-to-day activity in all areas with which the council is involved. The prescribed period for the holding of a budget meeting shall be determined by the Minister for the Environment and Local Government.

Accounting Code of Practice (ACOP)

This Code of Practice specifies the principles and practices of accounting required to prepare an Annual Financial Statement (AFS). The primary issue is for the AFS to ‘present fairly’ the financial position and transactions of the authority.

Yearly Audit

The accounts of the Borough are audited on a yearly basis by the Local Government Auditor.