Financial Services

The Finance Department is responsible for the provision and management of a wide range of services, which include:

Council Budget
The Revenue Budget for the financial year ended 31st December 2008, adopted in consultation with each individual department, is €76.1m. The budget for capital expenditure for the year is €64.8m.

Commercial Rates
Rates are payable on commercial and industrial properties only. Following consideration of the Budget each year, the elected Members determine the annual rate on valuation (ARV) to be levied for the year. The ARV for 2008 is €68.2096 an increase of 3% on the 2007 rate

Payment of Accounts
Payments were made for goods and services provided to the Council for various Capital and Revenue purposes. Payment to suppliers is made subject to presentation of valid tax documentation.
Under The Prompt Payment of Accounts Act 1997, as amended, suppliers shall be entitled to late payment of interest on payments that are not paid within the prescribed period. During 2007, Waterford County Council paid the sum of €3,384 in respect of late payment interest. The total value of payments made to creditors in 2007 was €97,940,569.

Payroll
Wages are paid weekly and pensions and salaries are paid fortnightly.

Insurances
The main areas of activity are Public Liability, Employers Liability, Fire (Housing Stock), Fire (General Properties) and Motor Insurance.

Annual Financial Statement
The financial statements for 2008 have been prepared in accordance with the Local Authority Accounting Code of Practice for Ireland. The Statements contain an Income and Expenditure account for 2008, which has been prepared on an accruals accounting basis and a Balance Sheet, which shows the assets and liabilities of the organisation as at the 31st December 2008. Notes are included along with additional appendices which provide additional information on key figures within the accounts.

The accounts are audited by the Local Government Auditor who reports to the Minister for the Environment, Heritage and Local Government.

Procurement
A draft corporate procurement plan was prepared in 2007 and submitted to the Management Team for approval. The approved Corporate Procurement Plan is available to view under the Financial Services - publications link.

Audit Committee
An audit committee was established under Section 5 of the Local Government (Business Improvements Districts) Act 2006. The committee includes two Council members and three external members.

Annual Audit
During 2007 work commenced on a two audit of 2006 and 2007 with the intention of bringing our reporting and auditing cycle in line with best practice in the private sector. The two year audit was completed in March 2008.

Water and Waste Water Charges
Under the Government’s Water Pricing Policy, which came into effect on the 1st of January 2007, we have had to introduce a charge for Waste Water Treatment for Non-Domestic Customers. The charge is based on the Polluter Pays Principle and requires all Local Authorities to charge the full cost of Water and Waste Water Services to the user. Domestic customers are exempt as the Government funds the cost of services to them through the Local Government Fund.

In line with the polluter pays principle the Water Pricing Policy requires that the prices for water and wastewater services should reflect the cost of providing the service. The Council has decided to phase in the new Waste Water Charge over a three year period to minimise the impact on local businesses. The charges for 2008 are:
Water Supply Charge  €1.06 per Cubic Meter
Waste Water Charge   €1.06 per Cubic Meter

Motor Tax

Contact Us

Opening Hours
Monday to Friday 9 am to 5 pm
Tel: (058) 22000