Last night Cork councillors voted against the city’s budget for 2015. After five hours of talks and two rounds of votes the proposed budget was rejected by 15 votes to 14.

So, what happens next?

Technically, last night's sitting was adjourned, it did not end. This gives the councillors two weeks to reconvene and reach an agreement.

Early reports suggest that the meeting will take place on Wednesday, November 26th.

After the first vote rejected the budget last night, the councillors were invited to take a break to reconsider their positions and vote again. They did, but the result stayed the same.

The councillors are now in the same position that they were between the votes last night, being asked to go reconsider their positions, and vote again.

What if it is not passed?

There is a big incentive to reach an agreement in the next two weeks - because if they don't the council will be disbanded and the city will be run by civil servants based in Dublin.

This would mean that the elected councillors would lose their jobs.

Local press outlet TheCork.ie is already reporting that behind-the-scenes negotiations are taking place between councillors.

Why was it rejected?

The overarching problems seems to be that councillors feel that there have been too many cuts from central-government, and that the council is not sufficiently funded to support public services in the city - particularly in the areas of housing and road repairs.

Cork City Council has lost €43 million in central government grants since 2011.

Will it go through?

This will be an interesting one to watch - councillors have a massive incentive to pass a budget to save both the council and their own jobs. 

We are used to parties saying 'we are not happy, but our hands are tied' and then bringing in unpopular measures, but Cork could be different.

After last May's local elections, the council now has a large number of Sinn Féin councillors. They are the second biggest part in the council. There are also independent candidates who ran on anti-austerity platforms in May's local elecetions.

The early sounding out of many of these councillors is that they will not back down and pass what they consider to be an austere budget.

Members of other parties are suggesting that anti-austerity members of the council are refusing to offer any compromises.

It is hard to see how an agreement will be reached - but it's equally hard to anticipate councillors allowing the council to be dissolved.