Financial crisis costs local councils cash

Friday 12 March 2010

Local councils had a combined shortfall in their budgets of €1.8bn last year because of the financial crisis, according to research by the local authorities' association VNG.

This year the deficit will reach €1.3bn.

Extra council spending because of the crisis and less than expected earnings from land rent and sales are the main reason for the shortfall, the VNG said.

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