Kerry County Council has loans of over €68 million.
This is according to a council audit published by the Department of Housing, Local Government and Heritage, which covers the financial standing of the authority up to the end of 2019. The auditor reports the council has loans totalling €68.5 million, with land loans accounting for over €29 million.
Interest-only repayments of €379,000 were made on the land loans during 2019. These repayments are non-recoupable, which means they're funded by the council's own reserves.
The auditor says the future financing of these loans needs to be resolved as a matter of urgency, when the financial impact of the pandemic is taken into account.
In response, council CEO Moira Murrell said the financial balance at the end of 2020 will show a reduced balance, given the extensive housing capital programme which is underway.
She adds the council is closely monitoring the financial impact of the pandemic.
