My Department does not have a role in monitoring the cash reserves of the 300 or so public bodies and funds. This function is administered by the relevant parent Department through oversight agreement or the shareholder letter of expectation. The latest audited financial statements of all public bodies except local authorities are published both on the Oireachtas website ([]www.oireachtas.ie/en/publications/) and on the Government Accounting website (www.gov.ie/en/department-of-public-expenditure-infrastructure-public-service-reform-and-digitalisation/organisation-information/latest-financial-accounts/).
The 18 Central Government Departments and the 27 other Vote funded Offices of Government automatically surrender savings at the year end to the Exchequer and cannot build up cash reserves. The 31 Local Authorities are independent of Central Government and have autonomy over their own assets and liabilities including cash reserves. Likewise, the University Act ensures that third level institutions have full control over their own resources and are independent.
Funds have been established to ring fence monies to deliver public goods in the future or for a particular legal purpose such as the Ireland Strategic Investment Fund and the Circular Economy Fund. It would not be appropriate for these funds to transfer cash surpluses to the Exchequer as it would defeat the purpose of establishing such funds.
For grant funded non-commercial bodies under the aegis of Government Departments, the requirements in relation to retention of end of year balances by public bodies is outlined in Circular 13/2014 Management of and Accountability for Grants from Exchequer Funds (assets.gov.ie/static/documents/circular-132014-management-of-and-accountability-for-grants-from-exchequer-funds.pdf). Such savings should be surrendered to Exchequer at the year end except where sanction to retain balances at the year end is granted by the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation.
Commercial Semi-State Bodies regularly pay dividends into the Exchequer from their profits. These bodies require reserves and cash balances to help ensure that they meet the requirements of a going concern for external statutory auditors. It would not be appropriate that their cash reserves would be held by the Exchequer as they could no longer be considered to be commercial in nature if that was the practice.
My Department will collate the information requested by the Deputy in relation to the bodies under the aegis of this Department and I will arrange for that to be sent to the Deputy directly. Accounts of the bodies and funds under the aegis of my Department are available on its website (www.gov.ie/en/department-of-public-expenditure-infrastructure-public-service-reform-and-digitalisation/organisation-information/latest-financial-details-from-the-department-of-public-expenditure-ndp-delivery-and-reform).
