Galway Bay fm newsroom - There was a significant drop in the amount of commercial rates collected by Galway City Council last year.
According to a report by the Local Government Audit Service, the yield fell to 61 percent - representing a drop of €2m.
Commercial Rates are essentially a property tax on commercial premises and account for over a third of Galway City Council's income.
However, a new report shows last year, the yield was just 61 percent - a drop of 22 percent when compared to 2019.
The situation saw arrears increase by €2m to stand at just shy of €11m by the end of December 2020.
It's largely due to Covid-19 - a fact noted in the report by the Local Government Audit Service which notes difficulties in collecting monies may continue to present challenges this year.
It was acknowledged by City CEO Brendan McGrath that many businesses across the city are experiencing difficulties in meeting their liabilities.
However, he gave an assurance that Galway City Council is always willing to work productively with businesses, in particular those in arrears, to ensure sustainable payment plans.
