In the 2021-2022 financial year, there is no increase in the district rate residents and businesses in Mid Ulster.
The Council decided to absorb additional costs and anticipated income losses amounting to some £3.5M through a mix of savings and efficiencies and by applying funds from reserves.
A rise of 1.59% was originally proposed which would have meant an average domestic ratepayer paid 68p more per month.
However, the Council ultimately decided that the rate would remain at the same level as last year, basing its decision on its currently stable financial position and recent in-year financial gains in rate support grant.
The decision seeks to reduce the rate burden on residents and businesses, many of whom have been hard-hit already by the impacts of the pandemic and who face uncertainty in the year ahead.
The overall rates which residents pay is based on the district rate set by local councils and the regional rate which is set by the NI Assembly.
The regional rate which is set by the NI Assembly accounts for 58% and 54% of the rates which residents and businesses pay (respectively) and is not increasing in 2021-2022. This means the overall aggregate rate increase for Mid Ulster ratepayers (that is, the total of the district rate and regional rate) is 0%.
The Council’s net expenditure for 2021-22 is £47,456,366.
The Council has the lowest cost per head of population for service delivery (based on the Council’s analysis) at £310.91 and also the lowest level of debt and the lowest level of borrowing as a percentage of revenue income.