GLASGOW City Council is facing a budget gap of more than £50m this year.

The council said it is facing a shortfall of £51m as it launched a consultation ahead of setting the city's budget later this month.

It said it will either have to cut services, raise extra cash or a combination of both by that figure to balance the budget, as it is required to do in law.

After Scotland’s Finance Secretary, Derek Mackay, announced his budget and the settlement for local government, the council is able to produce its own estimates.

Read more: Glasgow council tax set to rise even higher in SNP budget deal with Greens

Mr Mackay said his budget would give councils more cash to spend but it will still see Glasgow facing a significant cut from Holyrood.

He said the deal he agreed with the Greens on the budget would see Scottish councils have an extra £187m to spend, including £47m from the ability to raise council tax by up to 4.7%.

But Glasgow’s settlement from the Government is still understood to be around £18m less than the year before.

The council’s shortfall includes around £33m of additional costs in inflationary pressures and wages .

The actual figure is likely to be higher as some savings will already have been identified and the £51m is what remains to be found.

The City treasurer, Allan Gow, sets his budget later this month.

The council is facing a £500m bill for pay outs to around 15,000 women.

Some of the cash will be budgeted for in the coming financial year with around £25m expected.