Over half of all ratepayers in Longford are set to be drastically affected by the Covid 19 pandemic.
A presentation to local Councillors has revealed the loss of rates to the Council at present is worth an estimated €459k per month.
Director of finance John McKeon explained to Councillors that based on estimates and a dramatic drop in income from rates as well as a loss of income from parking and planning applications, the Council is predicting a budget deficit of just over nine million euro this year.
Rates are set to be down €5.5m, with the absence of income from goods and services also accounting for a loss of €2.9m.
The Council did agree that a new overdraft of €20m would be applied for – which represents a four fold increase on the current €5m overdraft facility
Cathaoirleach Gerard Farrell believes the Council is better to act now, rather than seek help later