Branded as a “noose” around Galway City Council’s neck, an audit report has found that Leisureland continues to lose money suffering a loss of more than €620,000 last year. However, this figure is being disputed by councillors on the facility’s board of directors who maintain the deficit is actually €180,000.
The financial position of Leisureland was revealed in a statutory audit report which was presented at Monday’s Galway City Council meeting. It noted that Leisureland, a 100 per cent subsidiary of the council, had made a loss of €683,474 in 2011 with income at €1,892,988 and expenditure of €2,576,462, and a loss of €626,879 in 2012 with income of €1,599,401 and expenditure of €2,226,280.
Councillors have called on Galway City Council to “get it together” and draw up an accurate register of fixed assets throughout the city after an independent audit report expressed concerns over the inadequacy of the registration progress.
The statutory audit report included a balance sheet which shows net assets at €1.2 billion as of December 31, 2012, with fixed assets of €1.16 billion. In her report, which was presented to councillors on Monday evening, local government statutory auditor Mary Keaney said she had concerns regarding the “adequacy of the registration of the property assets owned by Galway City Council and the inadequate manner in which fixed assets are recorded in the books of the council”.
Establishing a new stand-alone bank for farmers is the only solution to the closure of the ACC Bank and the increasing dominance of AIB and Bank of Ireland in the State’s banking sector.
This is the view of Labour Galway senator Lorraine Higgins who is calling on the Central Bank and the Minister for Finance Michael Noonan to introduce, or grant, a new licence, to a bank which will concentrate on lending to farmers.