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Rate Setting 2019/20


RATE ANNOUNCEMENT FOR 2019/20

At the meeting of Onchan District Commissioners held on Monday 21st January 2019, the Lead Member for Finance & General Purposes, reported on the projected financial results of the Authority’s rate-borne activities for the financial year and on the budget for the forthcoming financial year ending 31 March 2020.

The rate increase over the last 3 years has remained low at 1.6%. To maintain the current level of services provided by Onchan District Commissioners, the Lead Member for Finance and General Purposes informed the Board “that the average costs have increased by 9.1% in that same time period, the Authority cannot absorb these costs and that uplift in rates is essential to cover the projected deficit.”  

There are a number of reasons for the projected deficit namely an increase in:-

·       Inflation rate at 3.2%

·       Waste disposal at the Energy Waste Plant  at 5.8%

 

These increases are out with the Boards direct control, it must be emphasised of the Government’s involvement in increases and let the public come to their own deliberations.

 

The Board has therefore decided to increase the rate by 6p to 318p in the pound, equivalent to a 2% increase which is approximately 21p or just under £11 per year per household on average.

 

The Lead Member for Finance and General Purposes stated “that to reassure the public that the Authority are looking for value for money wherever possible, however some things will incur costs which is the nature of the service.”

The Lead Member for Finance and General Purposes complimented the Board and “thanked the staff for the work entailed in keeping the rate as low as it can be.”

 

…………THE END………

288 words

Presented by:         Commissioner Mr R. Turton

Lead Member for Finance and General Purposes to Onchan District Commissioners.

Issued:                   21st January 2019

Published by:          Onchan District Commissioners

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