IN a letter to Waterford City and County Councillors, Waterford Area Partnership Interim CEO, Michael Bowe confirmed that the historical debt issue that the state-funded body had with the ETB/ Solas has been resolved.
The letter, dated on Friday and seen by the Waterford News and Star, stated that the 2019 Annual Financial Statement (AFS) was signed off by the Board last week, and the Directors are “satisfied with the on-going financial viability of the company”.
Furthermore, the Directors foresee the end of December as the timeframe to sign off the 2020 AFS, while the recruitment process for a new CEO for WAP has been advertised, and work is on-going in to succession planning for the Board of Directors.
The current status marks a remarkable turnaround for WAP nine months on from the release of the Crowe Horwath audit, which revealed that WAP was subject to “major investigations” by Gardai, Revenue and the Charities Regulator and was at “risk of collapse”.
The letter also comes after Waterford City and County Council at the September Plenary meeting approved a one-off grant for €60,000 to WAP in recognition of the works that have been undertaken by the interim board since they were appointed in March of this year.
Director of Services with responsibility for Housing, Community and Emergency Services, Ivan Grimes explained at the time that the funding was being provided for specific reasons around financial control/ audit, HR system and a constitution for the company, who will serve WAP going forward for “many years”.
In recognition of this Mr Bowe wrote to the Councillors to say, “On behalf of the Board and staff I again wish to acknowledge the support of Councillors and management of Waterford City and County Council. The recent decision by the Council to provide the once-off funding to assist in the transition work of Waterford Area Partnership is also very much welcomed.”