County Council's monthly budgets to go to EU/IMF

Danielle Harney Offaly County Council will now have to make monthly reports every quarter to the IMF, European Commission and the ECB, as part of the last Government's bank bailout deal. Tullamore and Birr Town Councils will also have to report back to the EU finance bosses. All detailed budgets, including information on loans and repayments, income and expenditure, will first be submitted to the Department of Finance and will then be sent on to EU/IMF headquarters. There is a 60-day grace period in which the budgets can be submitted, so all three local authorities in Offaly have to return the data from the fourth quarter of 2010 to the Department of Finance by April 15. The data from the first quarter of this year is due by May 27. "The information being requested for the first return will be subject to review by the EU/IMF and additional information may be requested," added the circular from the Department of Environment, Heritage and Local Government which was sent to the County Manager Pat Gallagher earlier this month. The circular was read out to councillors at last Monday's county council meeting. It states in precise terms what exactly the budgets should detail. The monthly accounts should also detail the borrowings and total scheduled monthly repayments falling due in the next three years. The Department of Finance introduced these budget reports last year for its own records, however this reporting process was extended after the "bedding in process" of the EU/IMF bailout agreement, as the Government finances are tied up with those of local authorities. The circular noted that the department's General Accounts Working Group had already identified "some issues" with the quarterly reports from local authorities. Offaly County Council's Head of Finance will be responsible for ensuring that both town and county councils comply with the submission requirements. The circular from the Department added: "There will be no scope for late returns as the consequences of missed reporting dates to the EU/IMF will be extremely severe."