Rossies suffer huge financial loss
16 December 2009The Roscommon county board suffered a massive loss of EUR500,000 in its income this year.
Delegates at this week's annual convention were informed that a profit of EUR176,251 in 2008 was wiped out this year, with a loss of EUR50,811 being recorded.
Roscommon chairman Michael McGuire said the loss would have been greater were it not for the fact that expenditure during the year was reduced from EUR1,868,251 to EUR1,580,845. Income of EUR2,045,003 in 2008 dropped to EUR1,530,034 this year.
"During the year it became increasingly obvious to us that our income lines were seriously down," he said in the Irish Examiner.
"Some of it was due to the economic downturn, but there were other factors like a cut in grant aid from Croke Park, a huge decline in national league income, a drop in returns from our main fundraisers and our local gates.
"Our treasurer and finance committee have kept a very close rein on all our spending and this has meant that while we are showing deficit, all our major commitments have been met. There are no major amounts due to creditors."
An annual race day at Punchestown which earned EUR169,837 in 2008 only yielded EUR62,600 this year, while gate receipts were down from EUR225,199 to EUR159,240 but there was a drawn county senior final in 2008. The cuts in expenditure saw teams administration expenses reduced from EUR612,716 to EUR 551,277.
"We will have to continue to be very prudent with our spending and make renewed efforts to keep our income at a level that will enable us to meet all our commitments," added McGuire.
Four years ago, Castlerea businessman John Murphy gave the Roscommon county board a EUR1 million interest-free loan after the board found itself EUR1.4 million in debt.