The financial impact of coronavirus will cost Epping Forest District Council £6 million, officials have forecasted.
The council (EFDC) is currently predicting revenue losses of over £900,000 a month with business rates, council tax, leisure income and car parking all suffering.
Some costs are offset by government grants of which the council has so far received two: £58,652 and £1,306,973.
EFDC documents state: “Allowing for a general recovery from July the predicted annual loss of income is £6m. However, £2.7m of this figure relates to business rates where the government specific grant is likely to reduce this loss significantly. A revised view of business rate losses is currently being produced.”
Between July 2020 and March 2021 the council has reported lost income of £500,000.
Officials predict the council’s cash reserves will sit close to £8m by the end of the year.
Councillors are set to discuss the financial toll of Covid-19 at a meeting tonight.
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