In the 2023-2024 financial year, there is a below inflation 7.3% increase in the district rate residents pay, and a 4.32% increase in that paid by businesses in Mid Ulster.
The Council decided to absorb additional costs and anticipated income losses amounting to some £10m through a mix of savings and efficiencies, a reduction in allocated recurrent funding, and by applying funds from reserves.
A rise of 8.9% was originally proposed which would have meant an average domestic ratepayer paid 75p more per week, rather than 62p per week increase that has been agreed.
However, the Council ultimately decided that the rate increase should be at a lower rate, basing its decision on potential in-year financial gains in the rate support grant, energy cost savings and potentially reduced payroll pressure due to falling inflation later in the year.
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 due to the cost of living crisis.
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 as yet unknown.