No rates increase proposed in Offaly for 2024
Offaly County Council is proposing no increase in the annual rates for 2024, having received a funding boost of over €3.5m earlier this year from a nationwide baseline review of the Local Property Tax.
In her report on the draft budget, which is to be circulated to members at their annual budget meeting on Monday next, November 20, the council’s Chief Executive, Anna Marie Delaney, said for 2024, there is no proposed increase in the Annual Rate of Valuation, and this budget provides for a rate of €0.2198 as in previous years.
She said the extra property tax funding received would allow the local authority to provide additional funding “in key service areas” and pointed out that this is “the first real increase” in funding since 2012.
The Local Property Tax allocation for 2024 is €11.252m, representing a 47% increase, with Offaly’s share of the fund increasing from 2.16% to 2.62%. The council already agreed earlier this year the the Local Property Tax increase of 15% is to be maintained for this year and next, which will realise €772,376 in additional revenue.
The loss of rates income as a result of the decarbonisation agenda, and the closure of West Offaly Power Station in Shannonbridge continues to have an adverse effect on the council’s finances, but the Chief Executive confirmed in her report that central government funding of circa €1.7m is to be provided to the council again in 2024 to compensate for the loss of the rates income.
However, Thomas Mawe, Acting Director of Finance and Support Services, said that the funding has been recommitted to for 2024 only and that a permanent solution to this loss of income will be required to ensure that the long term financial stability of Offaly County Council is not put at risk as a direct result of the decarbonisat
While the DHLGH has continued to provide funding to Offaly County Council since 2021 to offset the impact of this closure, a long term solution to this issue is required and Offaly County Council continues to engage with the DHLGH on this matter.