WATERFORD have signed off on a deficit of €212,271 for 2012, despite bringing their expenditure down by some €120,000.
It is a massive 75pc rise on the €120,430 deficit recorded at the end of 2011, which set alarm bells ringing over finances in the county.
The figures mean that Waterford now have a rolling deficit in the region of €750,000.
In recent months, they have sought agreement for a €650,000 bank loan payable over the next 10 years, but if this is not secured, chairman Tom Cunningham indicated at September's county board meeting that they would have to "close up shop."
A levy on clubs of between €1,500 and €2,500 per year has been floated as one of a number of fundraising drives in 2013.
A loss of €40,387 has been recorded for the concert in Fraher Field, Rhythmfest, which was poorly attended and was designed as a major fundraiser.
Commercial income fell by a little less than €90,000, as income dipped significantly from €1.31m in 2011 to just €1.09m up to the end of October of this year. They did, however, manage to get their spending under control, with the cost of running county teams down to €534,715 from €652,635 in 2011.
Administrative expenses also fell considerably from €214,811 in 2011 to €161,199 in 2012. In all, expenditure came in at just under €1.3m, down from €1.43m last year.
Waterford secretary Tim O'Keeffe has described their financial plight as "challenging," but warned that to be competitive in hurling, they must continue to "prepare our teams to the highest standards."
"As our accounts show, considerable progress has been made in reducing expenditure in 2012. Our spending on the preparation of our county teams compares very favourably with any of the other Division 1 hurling counties," he writes.
"On the other hand, our fundraising efforts lag way behind the other five (Division 1 hurling counties) and this is an area we need to address for 2013."