Fingal expects €2m increase in commercial rates income

Income from commercial rates in Fingal is projected to increase by €2 million next year, which chief executive Paul Reid says is an indication of "buoyancy" in the local economy.

Fingal County Council’s draft budget 2015 estimates commercial rates income will be €120.2 million, an increase of €1.96 million on the 2014 figure on the basis of no increase in the annual rate of valuation.

The budget document notes “the income projected does reflect some buoyancy in our rates base, which is most welcome”.

Councillors at the Fingal annual budget meeting today also heard the local authority expects some €2 million in discretionary income from a local property tax allocation of €25.4 million. A further €1 million will come in through arrears on the non-principal private residence charge.

Earlier this year Fingal councillors voted to reduce the basic rate of local property tax by 15 per cent.

Mr Reid said along with projected increases in income there is an expection of a reduction of more than €2 million in expenditure.

He said the 2015 budget will address three primary objectives for Fingal: to increase investment in services; to enhance economic activity by creating jobs; and to invest in “strategic assets and strengthen our tourism proposition”.

The council will provide additional investment of €1.75 million in housing including maintenance of council housing stock, Travellers estate improvement works and homeless services.

Funding of €1 million will be allocated for Swords Castle and the development of the north Dublin town’s “cultural quarter”. Mr Reid said Swords is the “cultural capital town in Fingal” and the additional resources represent a “significant and major investment in that huge asset”.

He also announced: a €500,000 allocation for the enhancement of Malahide Castle and Newbridge Demesne; €500,000 for public lighting; €300,000 for community facilities; and €175,000 for “enhancing” events around Fingal, including a St Patrick’s Day parade in Blanchardstown.