THE commercial rate in the city is set to drop by five per cent when councillors meet to discuss the budget next week.
At present, the commercial rate in the city stands at 74.9c per euro of valuation.
It is the second year in a row City Council has proposed a rates cut. But a five per cent cut, which will take the city’s commercial charge to approximately 70c, is the largest cut ever recommended by city management.
In next year’s local authority budget, city hall management have also recommended a €250,000 fund for the marketing of Limerick City, as well as a €235,000 fund for events around Limerick City Council’s year of culture in 2014.
The concessions have been made possible due to the government’s increase in the local government fund by 3.72%.
Chairman of the economic committee, Cllr Diarmuid Scully, says the budget has been framed with jobs in mind.
“It is one which will help sustain existing business in Limerick and attract new employers into our city. It is clear Limerick is on the verge of economic take-off,” he said.
Mayor Gerry McLoughlin added: “This is a very balanced budget’ with a total estimated spend in the Revenue account for 2013 of €79.9m and an estimated capital spend for 2013 at €80m, resulting in a significant injection of support to the local economic environment.” Councillors will meet to debate the budget next Wednesday.