ANNUAL FINANCIAL STATEMENT Dundalk Town … FINANCIAL STATEMENT Dundalk Town Council For the year...

AUDITED

ANNUAL FINANCIAL STATEMENT

Dundalk Town Council

For the year ended 31st December 2009

Page

Financial Review 1 - 2

Certificate of Manager/Head of Finance 3

Audit Opinion 4

Statement of Accounting Policies 5 - 8

Financial Accounts 9

Income & Expenditure Account 10Balance Sheet 11Notes on and forming part of the Accounts 12 - 19

Appendices 20

1 Analysis of Expenditure 212 Expenditure and Income by Division 22 - 253 Analysis of Income from Grants and Subsidies 264 Analysis of Income from Goods and Services 275 Summary of Capital Expenditure and Income 286 Capital Expenditure and Income by Division 297 Major Revenue Collections 308 Interest of Local Authorities in Companies 31 - 32

CONTENTSAUDITED

General

Since 2003, Dundalk Town Council has identified and valued:-

* Historical fixed assets including local authority houses, land, equipment, plant and machinery* Road networks* Water and sewerage networks

Income & Expenditure Account Statement

Capital Account

The value of the total fixed assets reflected in the Balance Sheet as at 31st December 2009 is €321,056,563.

Expenditure for the year 2009 on the Income & Expenditure Account, including transfers to reserves, amounted to € 33,590,020, whilst income on the account amounted to €33,574,497.

At the end of the year there was a general reserve credit balance of € 5,691,794 compared with a general reserve credit at the end of December 2008 amounting to € 5,707,317.

The Analysis of Income and Expenditure on the Capital Account in Appendix 6 shows expenditure and receipts under each capital programme, the opening and closing balances, and transfers to and from the revenue account. Expenditure totalled €28,390,285 while income on the account amounted to €22,671,932 resulting in a deficit for the year of € 5,718,353.

Annual Financial Statement for Financial Year ended 31st December 2009

Financial Review


I am pleased to present the Annual Financial Statement of Dundalk Town Council for the year ended 31st December 2009. This Annual Financial Statement includes an Income and Expenditure Account, Balance Sheet, Statement of Accounting Policies, Notes to the Accounts and Appendices.

The format of the 2009 Annual Financial Statement is in line with modern accounting reporting practices. This ensures that financial data is provided in a more transparent manner and becomes more understandable for users.

The Annual Financial Statement now reflects income on an accruals basis. All revenue debtors, including those relating to rents and water charges, are now reflected in the balance sheet and adequate provision is made for doubtful debts.

Page 1

Acknowledgement

Frank PentonyTown Clerk

The total indebtedness of the Council on foot of loans outstanding as at 31st December 2009 was €55,107,448. The corresponding figure for 31st December 2008 was € 53,310,230. This is an increase of €1,797,218.

The progression to full Balance Sheet Accounting has introduced a higher degree of complexity, with the need for a greater level of detail in the annual accounts. I would like to acknowledge the efforts of the Finance Section in the preparation and presentation of this Annual Financial Statement of Dundalk Town Council for the financial year ended 31st December 2009.

Page 2

We certify that the financial statement of the Dundalk Town Councilfor the year ended 31 December 2009 as set out on pages 5 to 32 arein agreement with the books of account and have been prepared inaccordance with the accounting requirements as directed by the Ministerfor the Environment Heritage and Local Government.

We have also taken reasonable steps for the prevention and detectionof fraud and other irregularities.

Signed:Manager

Town Clerk

Dated:


Certificate of Manager / Town Clerk

for the year ended 31 December 2009

Page 3

To the Members of Dundalk Town Council

I have audited the annual financial statement as set out on pages 5 to 19 for the year ended 31 December 2009 and have also issued a separate report in accordance with section 120 of the Local Government Act, 2001.

Responsibilities of the Council and the Local Government Auditor

The Council is by law, responsible for the maintenance of all accounting records including the preparation of the Annual Financial Statement. It is my responsibility, based on my audit, to form an independent opinion on the statement and to report my opinion to you.

Basis of Opinion

I conducted my audit in accordance with the principles and practice of Local Government Audit. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the annual financial statement. It also includes an assessment of the significant estimates and judgements made in the preparation of the financial statement, and of whether the accounting policies are appropriate to the Council's circumstances, consistently applied and adequately disclosed.

I planned and performed my audit so as to obtain all the information and explanations which I considered necessary in order to provide sufficient evidence to give reasonable assurance that the annual financial statement is free from material misstatement, whether caused by fraud or other irregularity or error.

Opinion

In my opinion the annual financial statement presents fairly, in accordance with the Code of Practice and Accounting Regulations the financial position of the Dundalk Town Council at 31 December 2009 and its income and expenditure for the year then ended.

_________________________Eamonn Daly,Local Government Auditor

Date: 15th December 2010

AUDIT OPINION


Page 4

STATEMENT OF ACCOUNTING POLICIES

1. General

The accounts have been prepared in accordance with the Accounting Code of Practice ACoP on local authority accounting, as revised by the Department of Environment, Heritage and Local Government (DEHLG) at 31st December 2009.

Non-compliance with accounting policies as set out in ACoP must be stated in the Policies and Notes to the Accounts.

2. Replacement of Programme Group Structure

Prior to 2008 the Annual Financial Statement was presented in a programme group structure. In 2008 it has been replaced with a service-based structure. The comparison between the programme and the new service structure is as follows.

The new service structure is a more up-to-date presentation of the key services provided by local authorities. Under the programme group structure overheads were allocated to programme group level. In the new service structure overheads are allocated to each service and identifies the full costs of the service.

3. Accruals

The revenue and capital accounts have been prepared on an accrual basis in accordance with the Code of Practice.

4. Interest Charges

Loans payable can be divided into the following two categories: • Mortgage related loans • Non- mortgage related loans

4.1 Mortgage Related Loans

Mortgage related loans have a corresponding stream of income from long term advances (i.e. monies lent by the local authorities to borrowers), for the purchase of houses. Only the interest element is charged or credited to the Income & Expenditure Statement.

4.2 Non Mortgage Related Loans

Note 8 to the accounts sets out the types of borrowing under this heading. Loans relating to assets/grants, revenue funding, inter local authority will not have a corresponding stream of income. Bridging finance will eventually become part of permanent funding. Loans in respect of the other headings will have a corresponding value in Note 3.

Programme Structure New Service Structure Programme Groups Divisions Programmes Services Sub-programmes Sub-services

Page 5

5. Pensions Payments in respect of pensions and gratuities are charged to the revenue account in the accounting period in which the payments are made. The cost of salaries and wages in the accounts includes deductions in respect of superannuation (including Widows and Orphans) benefits. Such deductions are credited as receipts to the Income & Expenditure Statement. The requirements of current accounting standards relating to pensions and their application to local authority accounting is currently under consideration.

6. Agency and Other Services

Expenditure on services provided or carried out on behalf of other local authorities is recouped at cost or in accordance with specific agreements.

7. Insurance

Dundalk Town Council operates an insurance excess of € 6,349.

8. Provision for Bad & Doubtful Debts

Provision has been made in the relevant accounts for bad & doubtful debts.

9. Fixed Assets

9.1 Classification of Assets

Fixed assets are classified into categories as set out in the balance sheet. A further breakdown by asset type is set out in note 1 to the accounts.

9.2 Recognition

All expenditure on the acquisition or construction of fixed assets is capitalised on an accrual basis.

9.3 Measurement

A balance sheet incorporating all of the assets of the local authority was included for the first time in the Annual Financial Statement for 2003. The assets were valued based on the 'Valuation Guideline' issued by the DEHLG. All assets purchased or constructed as from 1/1/2004 have been included at historical cost. Accounting policies relating to leases are currently being developed and will be reflected in the financial statements for 2010.

Page 6

9.4 Revaluation

As set out in the Accounting Code of Practice it will be the policy to revalue assets where appropriate, at intervals of not more than five years. Due to their physical nature the vast majority of assets are unique to local authorities and are not subject to disposal. Some of the remaining general assets are subject to disposal and their valuation will be reviewed in 2010 to comply with current revaluation policy.

9.5 Disposals

In respect of disposable assets, income is credited to a specific reserve and is generally applied in the purchase of new assets. Proceeds of the sale of local authority houses are to be applied as directed by the DEHLG.

9.6 Depreciation

Under the current method of accounting, the charge for depreciation is offset by the amortisation of the source of funding the asset. This method has a neutral impact on Income & Expenditure and consequently the charge for depreciation and the corresponding credit from amortisation is excluded from the Income & Expenditure Statement.

The policies applied to assets subject to depreciation are as follows:

The Council does not charge depreciation in the year of disposal and will charge a full year's depreciation in the year of acquisition. * The value of landfill sites has been included in note 1 under land. Depreciation represents the depletion of the landfill asset.

Asset Type Bases Depreciation Rate Plant & Machinery - Long life S/L 10% - Short life S/L 20% Equipment S/L 20% Furniture S/L 20% Heritage Assets Nil Library Books Nil Playgrounds S/L 20% Parks S/L 2% Landfill sites (*See note) Water Assets - Water schemes S/L Asset life over 70 years - Drainage schemes S/L Asset life over 50 years

Page 7

10. Government Grants

Government grants are accounted for on an accrual basis. Grants received to cover day-to-day operations are credited to the Income & Expenditure Statement. Grants received, relating to the construction of assets, are shown as part of the income of work-in-progress. On completion of the project the income is transferred to a capitalisation account.

11. Development Debtors & Income

All development debtors are now included in notes 3 & 5. Income from development contributions not due to be paid within the current year is deferred and shown in note 6.

12. Debt Redemption

The proceeds from the early redemption of loans by borrowers, are applied to the redemption of mortgage related borrowings from the HFA and OPW.

13. Lease Schemes

Rental payments under operating leases are charged to the Income & Expenditure. Assets acquired under a finance lease are included in fixed assets. The amount due on outstanding balances is shown under current liabilities and long-term creditors.

14. Stock

Stocks are valued on an average cost basis.

15. Work-in-Progress & Preliminary Expenditure

Work-in progress and preliminary expenditure is the accumulated historical cost of various capital related projects. The income accrued in respect of these projects is shown in the Balance Sheet as 'Income WIP'.

16. Debtors and Creditors

16.1 Debtors

At the close of the financial year, debtors represent income due but not yet received.

16.2 Creditors

At the close of the financial year, creditors represent payments due in respect of goods received and services rendered but not yet paid.

17. Interest in Local Authority Companies

The interest in the companies limited by guarantee listed in Appendix 8 has not been incorporated in the financial statements. Interest in other associated companies is included in Note 3.

Page 8

FINANCIAL ACCOUNTS

Page 9

The Income and Expenditure Account Statement brings together all the revenue relatedincome and expenditure. It shows the surplus/(deficit) for the year.

Expenditure by DivisionGross

Expenditure Income Net ExpenditureNet

Expenditure

2009 2009 2009 2008Notes € € € €

Housing & Building 5,963,455 4,940,190 1,023,265 2,121,223

Roads Transportation & Safety 4,329,287 2,201,121 2,128,166 1,247,387

Water Services 5,887,277 4,145,683 1,741,594 1,990,131

Development Management 1,283,474 505,510 777,964 576,367

Environmental Services 4,734,377 1,143,047 3,591,330 3,975,509

Recreation & Amenity 3,605,302 582,988 3,022,314 3,148,786

Agriculture, Education, Health & Welfare 43,970 - 43,970 47,725

Miscellaneous Services 3,869,380 663,049 3,206,332 2,240,093

County Charge 1,781,700 - 1,781,700 1,720,000

Total Expenditure/Income 16 31,498,222 14,181,588

Net cost of Divisions to be funded from 17,316,634 17,067,221 Rates & Local Government Fund

Rates 14,095,551 13,589,894

Local Government Fund - General Purpose Grant 4,900,573 5,865,497

Pension Related Deduction 396,785 -

- -

Surplus/(Deficit) for Year before Transfers 17 2,076,276 2,388,170

Transfers from/(to) Reserves 15 (2,091,798) (2,335,209)

Overall Surplus/(Deficit) for Year (15,523) 52,962

General Reserve @ 1st January 2009 5,707,317 5,654,355

General Reserve @ 31st December 2009 5,691,794 5,707,317

FOR YEAR ENDING 31st DECEMBER 2009INCOME & EXPENDITURE ACCOUNT STATEMENT

Page 10

The Income and Expenditure Account Statement brings together all the revenue relatedincome and expenditure. It shows the surplus/(deficit) for the year.

Expenditure by Programme GroupGross

Expenditure Income Net ExpenditureNet

Expenditure

2009 2009 2009 2008Notes € € € €

Housing & Building 5,963,455 4,940,190 1,023,265 -

Roads Transportation & Safety 4,329,287 2,201,121 2,128,166 -

Water & Sewerage 5,887,277 4,145,683 1,741,594 -

Development Incentives & Controls 1,283,474 505,510 777,964 -

Environmental Protection 4,734,377 1,143,047 3,591,330 -

Recreation & Amenity 3,605,302 582,988 3,022,314 -

Agriculture, Education, Health & Welfare 43,970 - 43,970 -

Miscellaneous 3,869,380 663,049 3,206,332 -

County Charge 1,781,700 - 1,781,700 -

Total Expenditure/Income 16 31,498,222 14,181,588

Net cost of programmes to be funded from 17,316,634 - Rates & Local Government Fund

Rates 14,095,551 -

Local Government Fund - General Purpose Grant 4,900,573 -

Pension Related Deduction 396,785 -

- -

Surplus/(Deficit) for Year before Transfers 17 2,076,276 -

Transfers from/(to) Reserves 15 (2,091,798) -

Overall Surplus/(Deficit) for Year (15,523) -

General Reserve @ 1st January 2009 5,654,355 5,654,355

General Reserve @ 31st December 2009 5,638,832 5,654,355

INCOME & EXPENDITURE ACCOUNT STATEMENTFOR YEAR ENDING 31st DECEMBER 2009

Notes 2009 2008€ €

Fixed Assets 1

Operational 202,544,523 199,645,718 Infrastructural 107,987,263 112,471,828 Community 722,963 168,471 Non-Operational 9,801,815 9,801,815

321,056,563 322,087,832

Work in Progress and Preliminary Expenses 2 23,855,493 21,722,671

Long Term Debtors 3 48,667,243 44,559,790

Current AssetsStocks 4 260,628 240,185 Trade Debtors & Prepayments 5 16,361,497 18,656,773 Bank Investments 14,031,151 11,168,179 Cash at Bank - - Cash in Transit 21,151 253,585 Urban Account 7 - -

30,674,426 30,318,722

Current Liabilities (Amounts falling due within one year)Bank Overdraft 1,852,583 646,223 Creditors & Accruals 6 19,781,620 11,916,917 Urban Account 7 346,036 248,675 Finance Leases - -

21,980,240 12,811,814

Net Current Assets / (Liabilities) 8,694,187 17,506,907

Creditors (Amounts falling due after more than one year)Loans Payable 8 52,766,448 52,270,230 Finance Leases - - Refundable deposits 9 883,067 928,808 Other - -

53,649,514 53,199,038

Net Assets 348,623,972 352,678,162

Financed by

Capitalisation Account 10 321,056,563 322,087,832 Income WIP 2 20,265,017 21,006,381 Specific Revenue Reserve 2,971,568 2,971,568 General Revenue Reserve 5,691,794 5,707,317 Other Balances 11 (1,360,970) 905,066

Total Reserves 348,623,972 352,678,163

BALANCE SHEET AT 31st DECEMBER 2009

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1. Fixed Assets

Land Parks Housing Buildings

Plant & Machinery

(Long & Short Life)

Computers, Furniture & Equipment

Heritage Roads & InfrastructureWater &

Sewerage Network

Total

€ € € € € € € € € €CostsAccumulated Costs @ 1/1/2009 31,487,517 - 145,772,778 31,060,908 1,594,532 609,749 168,471 67,000,000 250,875,031 528,568,985

Additions - Purchased - 193,001 669,000 - - 9,295 134,705 - - 1,006,001 - Transfers WIP - - 2,904,958 226,786 - - - - - 3,131,744 Disposals - - (423,159) - - - - - - (423,159) Revaluations - - - - - - - - - - Historical Cost Adjustments - - - - - - - - - -

Accumulated Costs @ 31/12/2009 31,487,517 193,001 148,923,577 31,287,694 1,594,532 619,044 303,176 67,000,000 250,875,031 532,283,571

DepreciationDepreciation @ 1/1/2009 - - - - 730,606 347,344 - - 205,403,203 206,481,153

Provision for Year - - - - 166,511 94,779 - - 4,484,565 4,745,855 Disposals - - - - - - - - - -

Accumulated Depreciation @ 31/12/2009 - - - - 897,116 442,123 - - 209,887,768 211,227,008

Net Book Value @ 31/12/2009 31,487,517 193,001 148,923,577 31,287,694 697,415 176,921 303,176 67,000,000 40,987,263 321,056,563

Net Book Value @ 31/12/2008 31,487,517 - 145,772,778 31,060,908 863,926 262,405 168,471 67,000,000 45,471,828 322,087,832

Net Book Value by CategoryOperational 21,685,702 - 148,923,577 31,060,908 697,415 176,921 - - - 202,544,523 Infrastructural - - - - - - - 67,000,000 40,987,263 107,987,263 Community - 193,001 - 226,786 - - 303,176 - - 722,963 Non-Operational 9,801,815 - - - - - - - - 9,801,815

Net Book Value @ 31/12/2009 31,487,517 193,001 148,923,577 31,287,694 697,415 176,921 303,176 67,000,000 40,987,263 321,056,563

NOTES TO AND FORMING PART OF THE ACCOUNTS

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2. Work in Progress and Preliminary Expenses

A summary of work in progress and preliminary expenditure by asset category is as follows:

Funded Unfunded Total Total2009 2009 2009 2008

€ € € €

ExpenditureWork in Progress 7,860,762 - 7,860,762 7,074,020 Preliminary Expenses 15,724,717 270,015 15,994,732 14,648,651

23,585,478 270,015 23,855,493 21,722,671

IncomeWork in Progress 6,397,652 - 6,397,652 7,074,020 Preliminary Expenses 13,852,807 14,558 13,867,365 13,932,361

20,250,459 14,558 20,265,017 21,006,381

Net ExpendedWork in Progress 1,463,110 - 1,463,110 - Preliminary Expenses 1,871,910 255,457 2,127,367 716,290

Net Over/(Under) Expenditure 3,335,019 255,457 3,590,476 716,290

3. Long Term Debtors

A breakdown of the long-term debtors is as follows:Balance @ Loans Principal Early Other Balance @ Balance @

1/1/2009 Issued Repaid Redemptions Adjustments 31/12/2009 31/12/2008€ € € € € € €

Long Term Mortgage Advances* 1,389,151 - (92,530) (54,871) (1,200) 1,240,550 1,389,151 Tenant Purchases Advances 232,068 - (24,188) (6,664) - 201,216 232,068 Shared Ownership Rented Equity 73,192 - - (4,625) 68,568 73,192

1,694,412 - (116,719) (61,536) (5,825) 1,510,334 1,694,412

Voluntary Housing 39,411,831 37,654,008 Development Levy Debtors 9,151,712 6,329,960 Inter Local Authority Loans - - Long-term Investments - -

Cash - - Interest in associated companies - -

Other 21,366 21,410 48,584,909 44,005,378

50,095,243 45,699,790

Less: Amounts falling due within one year (Note 5) (1,428,000) (1,140,000)

Total Amounts falling due after more than one year 48,667,243 44,559,790

* Includes HFA Agency Loans


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4. Stocks

(a) A summary of stock is as follows:2009 2008

€ €

Central Stores 252,594 235,157 Other Depots 8,034 5,028

Total 260,628 240,185

(b) A summary of the movement in stock is as follows:2009 2008

€ €

Opening Stock at 1 January 240,185 252,804

Purchases 233,418 185,897 Returns to Stores 4,765 4,157 Issues from Stores (216,782) (198,817) Stocktake Adjustments (1,157) (3,888) Other adjustments 200 32

Closing Stock at 31 December 260,628 240,185

5. Trade Debtors & Prepayments

A breakdown of debtors and prepayments is as follows:2009 2008

€ €

Government Debtors 990,066 1,885,236 Commercial Debtors 10,666,194 7,118,079 Non-Commercial Debtors 662,028 658,467 Development Levy Debtors 2,002,167 5,159,260 Other Services 630,591 617,993 Other Local Authorities 1,048,124 804,097 TRS Refundable 635 6,963 Agent Works Recoupable 2,553,337 3,748,011 Other - - Add: Amounts falling due within one year (Note 3) 1,428,000 1,140,000

Total Gross Debtors 19,981,141 21,138,106

Less: Provision for Doubtful Debts (4,723,900) (2,657,683) Total Trade Debtors 15,257,242 18,480,423

Prepayments 1,104,255 176,350

16,361,497 18,656,773


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6. Creditors and Accruals

A breakdown of creditors and accruals is as follows:2009 2008

€ €

Trade creditors 943,293 1,510,835 Grants - - Revenue Commissioners 489,818 7,566 Other Local Authorities (97,361) 250 Other Creditors 303 13

1,336,053 1,518,664

Accruals 5,743,475 2,393,635 Deferred Income 10,361,093 6,964,618

Add: Amounts falling due within one year (Note 8) 2,341,000 1,040,000

19,781,620 11,916,917

7. Urban Account

A summary of the Intercompany account is as follows:2009 2008

€ €

Balance at 1 January (248,675) (229,975) Charge for Year (1,781,700) (1,720,000) Received/Paid 1,684,339 1,701,300

Balance at 31 December (346,036) (248,675)

8. Loans Payable(a) Movement in Loans Payable

HFA OPW Other Balance @ Balance @

31/12/2009 31/12/2008

€ € € € €Balance @ 1/1/2009 52,077,925 1,232,306 - 53,310,230 46,434,852 Borrowings 2,835,033 - - 2,835,033 8,344,593 Repayment of Principal (1,120,022) (189,185) - (1,309,207) (895,418) Early Redemptions - (42,977) - (42,977) (1,209,895) Other Adjustments 314,369 - - 314,369 636,099 Balance @ 31/12/2009 54,107,304 1,000,143 - 55,107,448 53,310,230

Less: Amounts falling due within one year (Note 6) 2,341,000 1,040,000


(b) Application of LoansAn analysis of loans payable is as follows: HFA OPW Other Balance @ Balance @

31/12/2009 31/12/2008€ € € € €

Mortgage loans* 528,898 1,000,143 - 1,529,041 1,700,022

Non-Mortgage loansAsset/Grants 14,166,575 - - 14,166,575 13,956,200 Revenue Funding - - - - - Bridging Finance - - - - - Recoupable - - - - - Shared Ownership – Rented Equity - - - - - Inter-Local Authority - - - - - Voluntary housing 39,411,832 - - 39,411,832 37,654,009

54,107,304 1,000,143 - 55,107,448 53,310,230

Less: Amounts falling due within one year (Note 6) 2,341,000 1,040,000


* Includes HFA Agency Loans


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9. Refundable Deposits

The movement in refundable deposits is as follows:2009 2008

€ €

Opening Balance at 1 January 928,807 1,053,754 Deposits received 163,614 467,293 Deposits repaid (209,355) (592,240)

Closing Balance at 31 December 883,067 928,808

Note: Short Term Refundable Deposits are included as part of Cash Investments on the Balance sheet

10. Capitalisation Account

The capitalisation account shows the funding of the assets as follows:Balance @ Purchased Transfers Disposals Revaluations Historical Balance @ Balance @

1/1/2009 WIP Cost Adj 31/12/2009 31/12/2008€ € € € € € € €

Grants 65,677,610 996,706 3,131,744 (423,159) - - 69,382,901 65,677,610 Loans 6,200,000 - - - - - 6,200,000 6,200,000 Revenue funded 564,923 9,295 - - - - 574,218 564,923 Leases - - - - - - - - Development Levies - - - - - - - - Tenant Purchase Annuities - - - - - - - - Unfunded - - - - - - - - Historical 455,687,821 - - - - - 455,687,821 455,687,821 Other 438,631 - - - - - 438,631 438,631

Total Gross Funding 528,568,985 1,006,001 3,131,744 (423,159) - - 532,283,571 528,568,985

Less: Amortised (211,227,008) (206,481,153)

Total * 321,056,563 322,087,832

* Must agree with note 1


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11. Other Balances

A breakdown of other balances is as follows:Note Balance @ Capital Expenditure Income Transfer Transfer Internal Balance @ Balance @

1/1/2009 re-classification * from Revenue to Revenue Transfers 31/12/2009 31/12/2008€ € € € € € € € €

Tenant Purchase Annuities - Realised (a) 3,940,062 0 2,755 323,427 - - (22,236) 4,238,498 3,940,062 - UnRealised (b) 232,068 - - - - - (30,852) 201,216 232,068

Development Levies (c) 10,007,961 (0) 4,602,082 2,001,303 - - (238,308) 7,168,874 10,007,961

Unfunded Balances - Project Balances (d) (83,319) (0) 9,498 - - - 83,806 (9,011) (83,319) - Non-Project Balances (e) - - 12,336 - - - - (12,336) -

Funded Balances - Project Balances (f) (8,829,618) (45,581) 3,093,837 3,128,431 1,328,526 - (166,466) (7,678,545) (8,829,618) - Non-Project Balances (g) 2,222,028 (0) 1,828,359 596,932 228,367 (56,191) (53,864) 1,221,295 2,222,028

Other Balances - Assets (h) 5,795,528 (1) 2,000 93,071 25,000 - (99,193) 5,812,405 5,795,528 - Insurance Fund (i) 889,515 - - - - 274,924 - 614,591 889,515 - General (j) 982,999 0 3,528 85,085 505,807 100,645 - 1,469,718 982,999 Net Capital Balances 15,157,224 (45,582) 9,554,396 6,228,249 2,087,700 319,378 (527,112) 13,026,705 15,157,224

Non-Mortgage Loans - Principal to be Amortised (k) (14,166,575) (13,956,200) Lease Repayment - Principal to be Amortised (l) - - Historical Opening Mortgage Funding Surplus/(Deficit) (m) (238,448) (317,930) Shared Ownership Rented Equity Account (n) 17,347 21,971 Reserves - associated companies - -

(14,387,676) (14,252,158)

Total Other Balances (1,360,970) 905,066

* represents a change in the status and/or funding of opening capital balances

Note (a) Accrued Repayments of annuities by borrowers who have purchased local authority houses.Note (b) Future repayments of annuities by borrowers, not yet due, who have purchased local authority houses.Note (c) Development contributions to be applied to either specific or general developments.Note (d) Balances relating to completed asset codes for which funding has yet to be identified.Note (e) Balances relating to capital codes not resulting in assets for which funding has yet to be identified.Note (f) Balances relating to completed asset codes for which funding has been identified but not yet received.Note (g) Balances relating to capital codes not resulting in assets for which funding has been identified but not yet received.Note (h) Relates to reserves provisions and advance funding for future Local Authority assets.Note (i) Relates to reserves provisions for future insurance liabilities.Note (j) Relates to reserve provisions and miscellaneous credit balances.Note (k) Both the principal and interest of non–mortgage loans are funded through the Income and Expenditure account.

This represents the outstanding principal on all such loans.Note (l) Similar to (k), it represents the future lease liability that remains to be funded.Note (m) Relates to the funding position on the Mortgage Loan book on change to Balance Sheet accounting,

net of timing differences and subsequent write offs to Revenue.Note (n) Under the shared ownership scheme both the equity element and the corresponding borrowings are indexed linked to the CPI.

This reserve represents the cumulative difference between the value of both indexations and can be attributed mainly to timing differences. Note (o)

of these development contributions.Provision has not been made in the Annual Financial Statement in respect of the associated commitment/liabilities for the spending


Page 17

12. Capital Account Analysis

The capital account has been de-aggregated and is comprised of the following accounts in the balance sheet:

2009 2008€ €

Net WIP & Preliminary Expenses (Note 2) (3,590,476) (716,290) Net Capital Balances (Note 11) 13,026,705 15,157,223 Agent Works Recoupable (Note 5) (2,553,337) (3,748,011) Capital Balance Surplus/(Deficit) @ 31 December 6,882,892 10,692,922

A summary of the changes in the Capital account (see Appendix 6) is as follows:

2009 2008€ €

Opening Balance @ 1 January 10,692,923 18,800,131

Expenditure 28,390,285 38,247,807

Income - Grants 14,160,440 10,528,400 - Loans 2,178,803 8,344,593 - Other 6,332,688 9,119,993 Total Income 22,671,932 27,992,986

Net Revenue Transfers 1,908,322 2,147,612

Closing Balance @ 31 December 6,882,892 10,692,923

13. Mortgage Loan Funding Surplus/(Deficit)

The mortgage loan funding position on the balance sheet is as follows:2009 2009 2009 2008

Loan Annuity Rented Equity Total Total€ € € €

Mortgage Loans/Equity Receivable (LT Mortgage Shared Own Note 3) 1,240,550 68,568 1,309,118 1,462,344 Mortgage Loans/Equity Payable (Mort Loans Shared Own Note 8) (1,529,041) - (1,529,041) (1,700,022)

Surplus/(Deficit) in Funding @ 31st December (288,491) 68,568 (219,923) (237,678)

€NOTE: Cash on Hand relating to Redemptions and Relending -

14. Summary of Plant & Materials Account

A summary of the operations of the Plant & Machinery account is as follows:

2009 2009 2009 2008Plant & Machinery Materials Total Total

€€ € €

Expenditure (16,074) (79,842) (95,916) (106,972) Charged to Jobs 2,678 20,166 22,844 21,184

(13,395) (59,676) (73,072) (85,788)

Transfers from/(to) Reserves - - - -

Surplus/(Deficit) for the Year (13,395) (59,676) (73,072) (85,788)


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15. Transfers from/(to) Reserves

A summary of transfers to/from Reserves is as follows:2009 2009 2009 2008

Transfers from Reserves

Transfers to Reserves

Net

€ € € €

Loan Repayment Reserve - (197,994) (197,994) (93,027) Lease Repayment Reserve - - - - Historical Mortgage Funding Write-off - (79,483) (79,483) (94,570) Development Levies - - - - Other 295,943 (2,110,265) (1,814,322) (2,147,612) Surplus/(Deficit) for Year 295,943 (2,387,741) (2,091,798) (2,335,209)

16. Analysis of Revenue Income

A summary of the major sources of revenue income is as follows:

Appendix No€ % € %

Grants & Subsidies 3 1,813,608 5% 2,952,568 9%Contributions from other local authorities 735,410 2% 837,716 2%Goods & Services 4 11,632,570 35% 10,294,721 31%

14,181,588 42% 14,085,005 42%Local Government Fund - General Purpose Grant 4,900,573 15% 5,865,497 17%Pension Related Deduction 396,785 1% - 0%Rates 14,095,551 42% 13,589,894 41%County Charge - 0% - 0%Total Income 33,574,498 100% 33,540,397 100%

17. Over/Under Expenditure

The following table shows the difference between the adopted estimates and the actual outturnin respect of both expenditure and income:

2009 2009 2009Expenditure (Over)/Under

Budgets

Income Over/(Under)

Budgets

Net Position

€ € €Housing & Building 1,480,107 (549,299) 930,808 Roads Transportation & Safety 1,049,596 (550,366) 499,229 Water Services 40,962 514,321 555,283 Development Management 543,970 64,439 608,409 Environmental Services 430,038 185,780 615,818 Recreation & Amenity 755,293 78,300 833,594 Agriculture, Education, Health & Welfare 18,292 - 18,292 Miscellaneous Services (1,526,924) 113,239 (1,413,685) Total Divisions Excluding Transfers 2,791,334 (143,586) 2,647,748 Transfers from/(to) Reserves (2,171,006) (487,342) (2,658,348) Total Divisions Including Transfers 620,328 (630,928) (10,601)Local Government Fund - General Purpose Grant - (565,140) (565,140)Pension Related Deduction - 396,785 396,785 Rates - 308,433 308,433 County Charge - - - Dr/Cr Balance (145,000) (Deficit)/Surplus for Year (15,522)

2009 2008


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APPENDICES

Page 20

2009 2008€ €

Payroll ExpensesSalary & Wages 8,750,358 8,984,605Pensions (incl Gratuities) 1,447,734 1,172,602Other costs 1,096,912 1,068,997

Total 11,295,004 11,226,204

Operational ExpensesPurchase of Equipment 191,592 325,649Repairs & Maintenance 159,594 198,272Contract Payments 6,437,543 5,935,644Agency services 1,010,720 1,057,318Machinery Yard Charges incl Plant Hire 58,852 125,820Purchase of Materials & Issues from Stores 496,817 802,905Payment of Grants 273,010 362,140Members Costs 142,572 181,760Travelling & Subsistence Allowances 129,629 103,795Consultancy & Professional Fees Payments 125,229 365,017Energy Costs 977,680 958,736Other 2,432,811 1,788,472

Total 12,436,050 12,205,525

Administration ExpensesCommunication Expenses 168,436 149,003Training 100,797 85,603Printing & Stationery 80,107 95,177Contributions to other Bodies 133,612 75,296Other 129,533 177,341

Total 612,484 582,420

Establishment Expenses - Rent & Rates 668,163 625,073Other 77,102 122,954

Total 745,265 748,027

Financial Expenses 3,883,111 3,721,967

Miscellaneous Expenses 744,608 948,083

County Charge 1,781,700 1,720,000

Total Expenditure 31,498,222 31,152,226

ANALYSIS OF EXPENDITUREFOR YEAR ENDED 31st DECEMBER 2009

APPENDIX 1

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EXPENDITURE INCOME

DIVISION TOTAL State Grants & Subsidies Provision of Goods and Services

Contributions from other local authorities TOTAL

€ € € € €

A01 Maintenance/Improvement of LA Housing 2,654,353 59,032 2,820,759 6 2,879,797

A02 Housing Assessment, Allocation and Transfer 197,532 - 6,847 - 6,847

A03 Housing Rent and Tenant Purchase Administration 502,179 152,273 29,426 5,277 186,976

A04 Housing Community Development Support 245,078 - 8,131 10,059 18,191

A05 Administration of Homeless Service 872,988 715,449 3,948 3,624 723,022

A06 Support to Housing Capital & Affordable Prog. 1,132,363 297,964 671,080 - 969,044

A07 RAS Programme 846 - 98 - 98

A08 Housing Loans 262,318 9,950 70,708 - 80,658

A09 Housing Grants 23,642 - 1,176 - 1,176

A11 Agency & Recoupable Services 72,156 - 74,381 - 74,381

SERVICE DIVISION TOTAL 5,963,455 1,234,668 3,686,555 18,967 4,940,190

EXPENDITURE INCOME



€ € € € €

B01 NP Road - Maintenance and Improvement - - - - -

B02 NS Road - Maintenance and Improvement 111,338 - 4,447 20,099 24,546

B03 Regional Road - Maintenance and Improvement 358,378 235,000 7,132 - 242,132

B04 Local Road - Maintenance and Improvement 2,127,110 150,000 11,685 - 161,685

B05 Public Lighting 691,622 - 1,001 9,546 10,547

B06 Traffic Management Improvement 106,295 - 1,986 - 1,986

B07 Road Safety Engineering Improvement 64,860 - 679 40,494 41,172

B08 Road Safety Promotion/Education 135,398 - 3,735 - 3,735

B09 Maintenance & Management of Car Parking 656,454 - 1,630,067 - 1,630,067

B10 Support to Roads Capital Prog. 62,360 - 2,659 - 2,659

B11 Agency & Recoupable Services 15,471 - 80,470 2,124 82,594

SERVICE DIVISION TOTAL 4,329,287 385,000 1,743,859 72,262 2,201,121

APPENDIX 2SERVICE DIVISION A

HOUSING and BUILDING

ROAD TRANSPORTATION and SAFETYSERVICE DIVISION B

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APPENDIX 2

EXPENDITURE INCOME



€ € € € €

C01 Operation and Maintenance of Water Supply 2,293,666 - 2,831,261 118 2,831,379

C02 Operation and Maintenance of Waste Water Treatment 3,242,353 - 1,301,204 - 1,301,204

C03 Collection of Water and Waste Water Charges 245,260 - 7,637 - 7,637

C04 Operation and Maintenance of Public Conveniences 98,740 - 2,373 - 2,373

C05 Admin of Group and Private Installations - - - - -

C06 Support to Water Capital Programme 7,127 - 423 - 423

C07 Agency & Recoupable Services 131 - 2,667 - 2,667

SERVICE DIVISION TOTAL 5,887,277 - 4,145,565 118 4,145,683

EXPENDITURE INCOME



€ € € € €

D01 Forward Planning 105,598 - 4,349 - 4,349

D02 Development Management 587,213 - 318,774 - 318,774

D03 Enforcement 168,734 - 9,515 - 9,515

D04 Op & Mtce of Industrial Sites & Commercial Facilities 168,065 - 1,457 - 1,457

D05 Tourism Development and Promotion 7,865 - - - -

D06 Community and Enterprise Function 22,291 125,140 20,000 - 145,140

D07 Unfinished Housing Estates 13,453 - 1,344 - 1,344

D08 Building Control 100,784 - 3,782 - 3,782

D09 Economic Development and Promotion 91,634 5,000 (1,475) - 3,525

D10 Property Management - - 16,459 - 16,459

D11 Heritage and Conservation Services 17,837 - 1,166 - 1,166

D12 Agency & Recoupable Services - - - - -

SERVICE DIVISION TOTAL 1,283,474 130,140 375,370 - 505,510

WATER SERVICES

SERVICE DIVISION DDEVELOPMENT MANAGEMENT

SERVICE DIVISION C

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APPENDIX 2

EXPENDITURE INCOME



€ € € € €

E01 Operation, Maintenance and Aftercare of Landfill 129,113 - 2,444 - 2,444

E02 Op & Mtce of Recovery & Recycling Facilities 205,042 - 494 199,320 199,815

E03 Op & Mtce of Waste to Energy Facilities 2,000 - - - -

E04 Provision of Waste to Collection Services - - - - -

E05 Litter Management 207,545 - 15,970 - 15,970

E06 Street Cleaning 667,125 - 12,167 - 12,167

E07 Waste Regulations, Monitoring and Enforcement 7,370 - 769 - 769

E08 Waste Management Planning - - - - -

E09 Maintenance and Upkeep of Burial Grounds 455,739 - 208,326 - 208,326

E10 Safety of Structures and Places 44,882 - 37,766 - 37,766

E11 Operation of Fire Service 3,006,224 - 265,529 336,031 601,560

E12 Fire Prevention 5,498 - 63,933 - 63,933

E13 Water Quality, Air and Noise Pollution 3,840 - 297 - 297

E14 Agency & Recoupable Services - - - - -

SERVICE DIVISION TOTAL 4,734,377 - 607,696 535,351 1,143,047

EXPENDITURE INCOME



€ € € € €

F01 Operation and Maintenance of Leisure Facilities 243,597 - - 27,766 27,766

F02 Operation of Library and Archival Service 69 - - 69 69

F03 Op, Mtce & Imp of Outdoor Leisure Areas 1,181,378 - 27,370 - 27,370

F04 Community Sport and Recreational Development 730,345 - 104,768 19,532 124,300

F05 Operation of Arts Programme 1,449,912 63,800 319,683 20,000 403,483

F06 Agency & Recoupable Services - - - - -

SERVICE DIVISION TOTAL 3,605,302 63,800 451,820 67,367 582,988

SERVICE DIVISION E

RECREATION and AMENITY

ENVIRONMENTAL SERVICES

SERVICE DIVISION F

Page 24

APPENDIX 2

EXPENDITURE INCOME



€ € € € €

G01 Land Drainage Costs - - - - -

G02 Operation and Maintenance of Piers and Harbours - - - - -

G03 Coastal Protection - - - - -

G04 Veterinary Service - - - - -

G05 Educational Support Services 43,970 - - - -

G06 Agency & Recoupable Services - - - - -

SERVICE DIVISION TOTAL 43,970 - - - -

EXPENDITURE INCOME



€ € € € €

H01 Profit/Loss Machinery Account 17,059 - 2,678 - 2,678

H02 Profit/Loss Stores Account 79,842 - 20,166 - 20,166

H03 Adminstration of Rates 3,257,628 - 134,242 - 134,242

H04 Franchise Costs 60,703 - 234 - 234

H05 Operation of Morgue and Coroner Expenses - - - - -

H06 Weighbridges - - - - -

H07 Operation of Markets and Casual Trading 1,588 - 8,485 - 8,485

H08 Malicious Damage - - - - -

H09 Local Representation/Civic Leadership 298,857 - 4,970 - 4,970

H10 Motor Taxation - - - - -

H11 Agency & Recoupable Services 153,704 - 450,930 41,344 492,274

SERVICE DIVISION TOTAL 3,869,380 - 621,705 41,344 663,049

TOTAL ALL DIVISIONS 29,716,522 1,813,608 11,632,570 735,410 14,181,588

AGRICULTURE, EDUCATION, HEALTH and WELFARE

MISCELLANEOUS SERVICES

SERVICE DIVISION G

SERVICE DIVISION H

Page 25

ANALYSIS OF INCOME FROM GRANTS AND SUBSIDIES

2009 2008€ €

Department of the Environment, Heritage and Local GovernmentRoad Grants - 0Housing Grants & Subsidies 1,234,668 2,293,568Library Services - 0Local Improvement Schemes - 0Urban and Village Renewal Schemes - 0Water Services Group Schemes - 0Environmental Protection/Conservation Grants - 0Miscellaneous 5,000 0

1,239,668 2,293,568

Other Departments and BodiesRoad Grants 385,000 624,000Higher Education Grants - 0VEC Pensions and Gratuities - 0Community Employment Schemes - 0Civil Defence - 0Miscellaneous 188,940 35,000

573,940 659,000

Total 1,813,608 2,952,568

APPENDIX 3

Page 26

2009 2008€ €

Rents from Houses 2,728,459 2,396,316

Housing Loans Interest & Charges 68,933 99,997

Domestic Water - -

Commercial Water 2,796,400 2,474,928

Domestic Refuse 2,283 2,328

Commercial Refuse - -

Domestic Sewerage - -

Commercial Sewerage 1,296,142 1,019,994

Planning Fees 289,656 373,589

Parking Fines/Charges 1,607,708 1,564,280

Recreation & Amenity Activities 98,315 116,468

Library Fees/Fines - -

Agency Services 671 5,554

Pension Contributions 472,199 346,827

Property Rental & Leasing of Land 14,817 48,001

Landfill Charges - -

Fire Charges 229,913 130,658

NPPR 243,000 -

Misc. (Detail) 1,784,073 1,715,782

11,632,570 10,294,721

APPENDIX 4ANALYSIS OF INCOME FROM GOODS AND SERVICES

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2009 2008

€ €EXPENDITURE

Payment to Contractors 17,053,806 15,267,922Puchase of Land 186,150 98,765Purchase of Other Assets/Equipment 982,292 9,079,761Professional & Consultancy Fees 1,113,812 575,446Other 9,054,225 13,225,912

Total Expenditure (Net of Internal Transfers) 28,390,285 38,247,807Transfers to Revenue 319,378 193,659

Total Expenditure (Incl Transfers) * 28,709,663 38,441,466

INCOMEGrants 14,160,440 10,528,400 Non - Mortgage Loans 2,178,803 8,344,593

Other Income (a) Development Contributions 2,001,303 1,504,706 (b) Property Disposals- Land 87,071 0- LA Housing 299,180 987,600- Other property - 0 (c) Purchase Tenant Annuities 23,947 29,625

(d) Car Parking - 0

(e) Other 3,921,187 6,598,062

Total Income (Net of Internal Transfers) 22,671,932 27,992,986Transfers from Revenue 2,227,700 2,341,271

Total Income (Incl Transfers) * 24,899,631 30,334,257

Surplus\(Deficit) for year (3,810,031) -8,107,208

Balance (Debit)\Credit @ 1 January 10,692,923 18,800,131

Balance (Debit)\Credit @ 31 December 6,882,892 10,692,923

* Excludes internal transfers, includes transfers to and from Revenue account

SUMMARY OF CAPITAL EXPENDITURE AND INCOMEAPPENDIX 5

Page 28

BALANCE @ EXPENDITURE BALANCE @

1/1/2009 GrantsNon-

Mortgage Loans

Other Total IncomeTransfer

from Revenue

Transfer to Revenue

Internal Transfers 31/12/2009

€ € € € € € € € € €

Housing & Building 2,417,355 21,935,348 12,956,131 2,178,803 3,761,583 18,896,516 94,000 - (326,250) (853,727)

Road Transportation & Safety (1,604,012) 520,091 - - 1,300 1,300 519,435 23,435 299,164 (1,327,639)

Water Services (1,817,483) 799,559 1,190,310 - 382,853 1,573,163 61,170 (79,626) 51,567 (851,516)

Development Management 10,261,644 4,623,967 - - 2,001,303 2,001,303 297,365 21,975 (236,849) 7,677,521

Environmental Services (1,169,668) 348,108 - - - - 348,108 - - (1,169,668)

Recreation & Amenity (487,804) 154,321 14,000 - - 14,000 117,180 - (113,882) (624,826)

Agriculture, Education, Health & Welfare - - - - - - - - - -

Miscellaneous Services 3,092,891 8,891 - - 185,650 185,650 790,442 353,594 326,250 4,032,748

TOTAL 10,692,923 28,390,285 14,160,440 2,178,803 6,332,688 22,671,932 2,227,700 319,378 - 6,882,892

Note: Mortgage-related transactions are excluded

APPENDIX 6ANALYSIS OF EXPENDITURE AND INCOME ON CAPITAL ACCOUNT

INCOME TRANSFERS

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Summary of Major Revenue Collections for 2009

Arrears @ 1/1/2009 Accrued Write Off Waivers Total for

Collection Collected Arrears @ 31/12/2009 % Collected*

€ € € € € € €Rates 4,047,130 14,095,551 966,133 - 17,176,548 10,538,426 6,638,122 61%

Rents & Annuities 394,538 2,779,394 10,637 - 3,163,295 2,781,589 381,706 88%

Commercial Water 1,065,726 2,796,400 108,321 - 3,753,805 1,746,087 2,007,718 47%

Refuse

Domestic - - - - - - - 0%

Commercial - - - - - - - 0%

Housing Loans (1,588) 147,971 - - 146,383 135,445 10,938 93%

Note 1 The total for collection in 2009 includes arrears b\fwd at 1/1/2009. This will tend to reduce the % collected for 2009Note 2 Rental income from Shared Ownership has been included under Rents & Annuities.Note 3 Income from Tenant Purchase Annuities has been included under Rents & Annuities.Note 4 Arrears brought forward is shown net of credit balances.

APPENDIX 7

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Where a local authority as a corporate body or its members or officers by virtue of their office have an interest in a company the following disclosures should be madefor each entity:

1. Name of the Company. Louth Leader

2. Principal activities of the Company Employment Partnership

3. Amount and nature of any guarantees, underwritings, grant, loans or borrowingsgiven by the Local Authority in respect of N/Aborrowings of the Company

4. Expenditure N/A

5. Income N/A

6. Revenue Balance - Cumulative Surplus/(Deficit) N/A

7. Net Assets or Liabilities N/A

INTEREST OF LOCAL AUTHORITIES IN COMPANIES

APPENDIX 8

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Where a local authority as a corporate body or its members or officers by virtue of their office have an interest in a company the following disclosures should be madefor each entity:

1. Name of the Company. Dundalk Port Company

2. Principal activities of the Company Port Authority

3. Amount and nature of any guarantees, underwritings, grant, loans or borrowingsgiven by the Local Authority in respect of N/Aborrowings of the Company

4. Expenditure N/A

5. Income N/A

6. Revenue Balance - Cumulative Surplus/(Deficit) N/A

7. Net Assets or Liabilities N/A

APPENDIX 8

INTEREST OF LOCAL AUTHORITIES IN COMPANIES

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ANNUAL FINANCIAL STATEMENT Dundalk Town … FINANCIAL STATEMENT Dundalk Town Council For the year...

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