Port St Mary Commissioners have announced a 2.5 per cent increase in village rates, up from 338 to 348 pence in the pound.
The authority says external factors have had a significant impact on budgets, such as a rise in gate fees at the energy from waste plant, and a government-imposed pay award.
According to chair Michelle Haywood, staff have been carefully planning and budgeting for the year ahead, and have been tasked with making savings where possible.
This includes small-scale cost-cutting such as printing board agendas in black and white rather than colour.
It’s a hoped a small surplus may be achieved at the end of this financial year, meaning the authority can finally start to build reserves.
Budgeting for the year ahead, the local authority will continue to invest in its fleet of vehicles, whilst planning for the replacement of outdated street lights.
Commissioners are also working to develop a capital project with contractors to strengthen and retain the structure at Happy Valley.