Cork County Council says rising inflation has forced it to increase business rates by 3.5% for next year.
The Council's Budget 2023 was unveiled yesterday, and is €403 million - an increase of €31 million.
The Council says it can no longer afford to maintain the current commercial rates due to rising costs and have increased the rate by 3.5% for next year
Council Management say the increase has been carefully considered so that it will have a limited effect on the majority of business, with over seventy per cent paying an annual bill of €3,000 euro or less.
Meanwhile over €1.27 billion is set to be invested in the County between next year and 2025 through the Council's Capital Programme.
Over €578 million has been allocated towards housing and will include turnkey housing schemes, 30 housing construction schemes, 9 affordable housing schemes and a cost rental construction scheme.
Over €484 million will be allocated in support of the Council's Climate Adaptation Strategy.
€54 million in funding has also been allocated for public lighting retrofitting along with a with a 117.5 million euro investment into active travel and connectivity.
The Council also says over €454 million is proposed for the upkeep of the county's over 12,000 kilometre road network and delivery of national roads projects in partnership with Transport Infrastructure Ireland.
