Council’s €9m overdraft approved
The Department gave the go-ahead in recent weeks.
The Department for Local Government has sanctioned Cavan County Council to acquire a €9 million overdraft in 2022 to ensure cash flow.
Local authorities occasionally borrow money to finance necessary or planned capital programmes such as land purchases for housing, upgrades in public lighting, libraries, parks or greenways.
However, with Covid impacting finances for the second year running, it was left to elected members as a reserved function to approve the overdraft.
Neighbouring County Monaghan acquired an overdraft worth €10 million.
The total amount sanctioned in overdrafts was worth €505M.