CMETB had finances of €100 million last year
Cavan-Monaghan ETB operated with finances of over €100 million last year.
The latest accounts figures for 2022 were provided to ETB board members when they met in Ballybay Community College recently.
Revenue, according to Amanda Taylor, Head of Finance, came in at €103.4 million, up from €799,595 the previous year.
The local education provider ended the year with a surplus of €3.2m.
It had liabilities of €17.71m.
The huge funding was primarily directed at the wealth of building projects and other significant school investments taking place across the two counties.
It was explained too that, where a contractor was due to be paid, funding was discharged within 10 days.
Monaghan Fianna Fail Cllr and board member PJ O’Hanlon said the amount of money CMETB managed in 2022 was “staggering”.
“That’s phenomenal,” he added. “It’s fascinating positive news.”
Fellow ETB Board member, Fianna Fail’s Clifford Kelly agreed, and paid credit to the ETB management team for the work being done.
Fine Gael Cllr Aidan Campbell, meanwhile, stated that if a company in the area were charged with funnelling €100 million back into the local community then “word would be all over the place”.
“It’s very significant,” he noted. “Everywhere is getting extensions.”
In respect of this year’s accounts the board was further informed that €381,000 had been allocated to the ETB under school supports including Covid-19 measures.
Funding of €31,000 was awarded to assist with the continued integration of young people from Ukraine in schools and colleges, and an additional €210,000 had been allocated in Youth Grant funding.
€435K in capital funding
Meanwhile, CMETB has been awarded €435,000 in capital funding for 2023.
The money was welcomed by Minister Heather Humphreys this week. It is part of €8M in further education capital grants awarded to the ETBs nationwide.
Minister for Further and Higher Education, Simon Harris and Minister of State, Niall Collins, made the announcements on Monday. The devolved capital grant will give ETBs the discretion to make decisions around small-scale FET investment priorities at a local level.
The funding can be used for small scale works including necessary infrastructure and improvement works, and for the purchase of equipment.
Funding is provided under Project 2040 and forms part of the ongoing investment in the further education and training (FET) sector.
Using this grant, ETBs will be able to carry out work such as upgrades to computer labs and science labs, replacement of apprenticeship equipment, roof works and planned improvement works of FET buildings.
Welcoming the allocation, Minister Humphreys said: “This funding is an essential part of the overall funding framework to support ETBs in the delivery of FET. Crucially, the fund is at the discretion of the ETB meaning it can address its priorities at a local level for delivery.”
The funding will be distributed through SOLAS.