Belfast Internatinal Airport has successfully appealed its rate valuation which will see Antrim and Newtownabbey Council owe the airport a refund of almost £1m.
Land and Property Services confirmed that Belfast International Airport is due a substantial refund of rates, a recompense which the council says will have a significant impact on this year’s budget and future estimates.
The Mayor of Antrim and Newtownabbey Council, Councillor Paul Hamill, commented: “The full scale of this event is not yet known and will be confirmed by LPS in due course.
“Therefore, we need to be careful about spend in this year and next year’s estimates until we are clearer about the implications of all of this.
“As an immediate step, the council has commenced a review of expenditure and some decisions relating to spend have been deferred.”
Mr Hamill welcomed as a “positive note” correspondence received from Graham Keddie, Chief Executive of Belfast International Airport to assure the council that a substantial proportion of the savings derived from this situation will be reinvested in the airport business to stimulate further growth on the airport site and additional investment by enterprises operating on the site.