The council have approved raising their overdraft facility to €25 million.
For the first time in Tipperary County Council’s history, a council meeting was held via videolink today.
19 councillors gathered in five separate locations around the county, along with some of the executive, with strict social distancing rules in place.
Members of the finance department outlined the need for the local authority to have a back-up plan in place in terms of finances because of the huge strain the current pandemic is having and will have.
It was therefore agreed today to increase their overdraft facility from €5.5 million to €25 million.
Alongside that, it was agreed that loans of up to €3.6 million could be sought from the Housing Finance Agency so that mortgages can be advanced under the Rebuilding Ireland Home Loan Scheme.
Assurances were given that only what’s needed will be used, and that these are both merely contingency plans.
An estimate of the financial impact on Tipperary County Council couldn’t be given today, but members were told they would be informed as soon as a clearer picture can be got.
