Council approves application for €20m overdraft as Longford set to suffer loss of up to €9m due to Covid-19

Jessica Thompson

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Jessica Thompson

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jessica.thompson@longfordleader.ie

Council approves application for €20m overdraft as Longford set to suffer loss of up to €9m due to Covid-19

Without a strong and clear remedy and funding mechanism from national funding sources to assist Local Authorities and ratepayers, the longer term impact for local economic recovery and Local Government Services, once the country starts to emerge from the current Covid-19 crisis, could be devastating for the country as a whole, according to Director of Finance for Longford County Council, John McKeon.

Mr McKeon gave a presentation at the May meeting of Longford County Council yesterday evening and revealed that the loss of rates to the council at the moment is over an estimated €495,000 per month, as 55% of ratepayers in Longford have been drastically affected by the Covid-19 pandemic.

Loss of income due to rates, parking and other services will amount to approximately €9m euro this year, it was revealed.

Council members agreed to apply for an overdraft of €20m. The current overdraft is €5.

For more, see next week's Longford Leader.