MEMBERS of Limerick City Council have agreed a cut of 1.5% in the commercial rate for 2012.
A less than expected reduction in the allocation from central government means a cut to the rate has been made possible. This is worth around €500,000.
The rate in the city now stands at 79.4c per euro of valuation, while the commercial water charge is to remain frozen after a 30c rise last year.
This still leaves the City Council’s commercial charge much higher than that of the county, which stands at 59c.
City manager Tom Mackey said: “If any cut in funding is good news, ours is relative to the national picture.”
He said city management are aiming to break even this year, but admitted they could struggle to achieve this.
The draft budget for 2012 was passed unanimously at the annual estimates meeting which lasted for less than three hours.
The overall bugdet for 2012 will drop to €82m compared to €87m this year.