Wexford's financial woes disclosed
January 12, 2012
Wexford's numbers aren't adding up.
A Special County Board meeting on Wednesday night addressed the frightening financial condition of the Association in the Model County.
Chairman Diarmuid Devereux addressed a large gathering of club delegates and officials in the Ferrycarrig Hotel, where the only topic for discussion was the financial situation facing the County Board.
The chairman called the meeting as he wished to provide complete transparency.
In his address, he laid bare all the facts regarding how the figures were arrived at, providing great detail and breakdown of the numbers. He explained how the purchase and sale of land near Glenbrien that had been earmarked for a Centre of Excellence for the county had made a net loss of around €350,000.
He went on to explain how the replacement of this project, the purchase of land at Ferns has left an outstanding sum owing of €2.3m. The development of this land as a Centre of Excellence has already begun, but the budgeted cost to complete Phase 1 of the project is €1.53.
However, there is a gap in funding with the guaranteed income from Croke Park and the National Lottery only coming to a total of €1.2m.
Devereux outlined how the management committee has targeted €200k cuts in expenditure annually and a further €100k increase in income.
The sense of disappointment throughout the room was palpable as the numbers were disclosed. Tweet
