This week I highlighted the real scope for Dublin City Council to cut commercial rates by as much as 2% in their upcoming budget.
Speaking on the issue, Senator Noone, who was formerly a member of the Dublin City Council Finance Committee, said: “The reality is that we have €23.2m credit coming into the council’s Budget for 2015 from Budget for 2014, much of which is thanks to measures taken by Fine Gael and Labour in Government. I believe that some of these funds should now be used to reduce rates drastically, encourage business in the city and continue the momentum of job creation and economic growth across Dublin.
“The national Budget for 2015 ensured that central funding to Dublin City Council from national Government will not be cut under a number of headings which, even with a 15% property tax reduction that we legislated for, has allowed Dublin City to have a positive Budget position going into the City’s 2015 Budget. This money should not be squandered. It should be used to incentivise business and ensure that we have a potentially bigger surplus in 2016.
“Dublin City, even after a 15% property tax cut, will generate additional funding of €4.7m through the Local Property Tax. I firmly believe that the majority of this should be ring-fenced and ensure a full 2% commercial rates reduction, while also allowing approximately €1.3m to be spent on improved services throughout the city. This would continue our economic growth in Dublin and ensure the city builds on the solid economic foundations that we have set nationally.”