The Council is funded from the Central Fund. The Council’s governing legislation, the Fiscal Responsibility Act, sets out the terms of its funding. Annual budgets are subject to a ceiling of €800,000, adjusted by the annual percentage change in the Harmonised Index of Consumer Prices. The Council determines its budget within this ceiling.

The Council is subject to audit by the Comptroller and Auditor General. The annual accounts are submitted to the Minister for Finance and a copy laid before the Houses of the Oireachtas. When requested to do so the Chair of the Council may give evidence on its accounts before a Committee of Dáil Éireann.

Staff, Support Services, and Office Accommodation

The Council has six full-time members of staff. Accommodation and support services such as Accounts, IT, Facilities, and Reception are provided through the ESRI.

Council Fees

For Council members not employed in the Irish public sector, fees payable are set by the Department of Public Expenditure and Reform: €20,520 for the Chair and €11,970 for the members. Where members, including the Chair, are employed by a body coming within the Irish public sector, no fee is payable to the member concerned. On that basis, in the current Council fees of €11,970 are payable to three members.

Compensation for Employer Costs Incurred

Due to the time commitment necessary of Council members to fulfil the functions of the Council, in the case of public sector members a time buy-out is in place to compensate their full-time employers for costs incurred due to the absence of their employees on IFAC business. In 2014, a time buy-out was paid to the full-time employers of the Chair (€19,750) and two members (€11,970).

Expenses incurred in attending meetings of the Council are refunded in accordance with civil service domestic rates.