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The work of the Finance section includes:
- processing all payments to suppliers,
- issuing of receipts for monies received,
- insuring Council property,
- recoupment of government grants and other items,
- the collection of income from commercial rates, housing loans, housing rents, water charges
- the payment of payroll and pensions,
- the necessary work on the provision of documentation for the Annual Budget and the Financial Statement of Accounts
- the keeping of all financial records and
- the making of various reports and returns.
The Council's expenditure is divided between Revenue and Capital.
Revenue Expenditure is the money spent on day-to-day items such as payroll, pensions, insurances, loan repayments, purchase of necessary materials etc. The sources of revenue income are:
(1) Commercial Rates
(2) Grants from central Government(Higher Education Grants, Road Grants)
(3) Receipts from the provision of services(housing rents,etc)
Capital Expenditure on the other hand is money spent on the creation of an asset which, in the case of a County Council, mainly relates to the building of Council houses, giving loans to people to build their own houses, the provision of water and sewerage schemes and road construction. These projects are funded by way of Department grant or by loan over the construction period but when the project is completed its operational costs are funded by the revenue account.
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