‘Positive financial position’ as £6m net worth increase reported by Antrim and Newtownabbey Borough Council
Antrim and Newtownabbey Borough Council’s net worth has increased by £6m since March 2024, the Audit and Risk Committee has been told.
The draft financial statements for the year ended 31 March 2025 were presented to a meeting of the committee for approval last month.
The Local Government Accounts and Audit Regulations (Northern Ireland) 2015 require that financial statements be formally considered and approved no later than 30 September following the end of the financial year.
An independent audit of the draft financial statements must proceed after submission to the Department for Communities by 30 June 2025.
Sandra Cole, director of finance and governance, reported that spending was “within budget” overall which was set during the rates process for the financial year. She went on to say the process has been “further refined” so any surpluses and deficits within directorates will not continue into the new financial year.
“Overall the accounts show a positive financial position. Net worth of council has increased by £6m from March 2024,” the director said.
Richard Murray, head of finance, reported an overall surplus of £11,000. He also noted exceptional income including £1.45m from HMRC and £449k clawback from external funding from district rates and de-rating grant income.
He noted capital expenditure of £10.9m including £3.85m towards the Belfast Region City Deal AMIC project to be located at Global Point outside Glengormley; £1.82m on Space Antrim and £1.49m on Space Glengormley as well as other expenditure on parks, leisure, vehicles and IT projects.
Antrim and Newtownabbey Borough Council’s Planning Committee gave the go-ahead for a £100m Advanced Manufacturing Innovation Centre (AMIC) in May 2023.
AMIC is being delivered and led by Queen’s University Belfast, alongside industry, Ulster University and Antrim and Newtownabbey Borough Council as part of the Belfast Region City Deal.
Space Antrim is one of two workspace projects being developed in the borough, with a second project located in Glengormley to support business development.
Mr Murray also noted an increase in the value of assets from £164.7m to £170.8m. He highlighted an increase in rates appeals reserves to £900k.
“We need those reserves to mitigate against future rates appeals, pay and grading and job evaluation work that is ongoing,” he stated.
Glengormley Sinn Fein Councillor Michael Goodman asked: “In the past, there have been some concerns about the reserves and we were outside the percentage set by the council. Are we back within that percentage?” Mr Murray replied the council is “compliant with policy”.
Michelle Weir, Local Democracy Reporter