Onchan commissioners have announced a 1.8 per cent rate rise for the coming financial year.
Last night (Monday), the board met and approved the rise which will see rates set at 271p in the pound, an increase of 5p.
Lead member for Finance and General Purposes Ernie Thorn explained the local authority had made a loss of around £80,000 which would need to be met from reserves.
However, he added that was £40,000 better than expected.
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