Council confirms £500k surplus

When asked to provide the single figure for the overall debt or profit Mid Ulster District Council has as of the end of March this year a spokesperson for Council detailed the local authority’s total borrowings and its surplus for the year.

According to the spokesperson Council borrowed a total of £5,459,789 and recorded a surplus of £524,210.

However, the spokesperson did advise Council’s accounts for 2020-21 have yet to be audited so may be subject to change.

Explaining the figures, the Council spokesperson said additional grant money and business rates provided the local authority with more income than expected in the financial year.

“As the council has not drawn down any additional loans, the loan balance continues to fall by approximately £600K per annum. This was the case in the last year and will be again in the current financial year,” said a Council spokesperson.

“The modest surplus at the end of the 2020-21 year was the result of a number of factors.

“Councils across Northern Ireland, including Mid Ulster, were compensated for loss of income and additional expenditure as a result of the pandemic in the amount of £85M by the Department for Communities and at the end of the financial year, the Council also received unplanned additional Rate Support Grant from the Department.

“The Council’s rate finalisation monies, which come via the Department for Finance and reflect business rates paid, were also higher than anticipated, which in turn meant the Council received additional income.”

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