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The transfer of local authority water assets to Irish Water from January 2014 and the introduction of the Local Property Tax, among other changes in the last 12 months, have significantly impacted on the annual budgetary process for local authorities. These changes will continue to impact these processes and the financing of local authorities into the future.
Another item which has not yet fully emerged but is likely to play an important role is the strain increased pension payments will have on annual budgets going forward.
With annual pension payments likely to almost double over the next 6/7 years in many local authorities it is key that finance functions have a clear handle on the scale and shape of future payments. This will assist in more accurate budgeting and give greater certainty when projecting this significant element of expenditure.
We have significant experience developing actuarial models to assist to assist finance functions in this endeavour with simple outputs which can be used to feed directly into the annual budgeting process.