Waterford Council's budget deficit has been slashed by more than half.
The local authority was facing a shortfall of €8.3 million in the summer, however, a national waiver of commercial rates has seen it heavily reduced.
Councillors heard yesterday that the new figure is a deficit of €2.2 million.
Chief executive Michael Walsh said the council was still facing a difficult period:
"Every indicator shows that many of our income streams here will inevitably be damaged next year. And it's a matter of, as night follows day, that our parking income will be down, some of our licence applications will be down, our planning will be down, inevitably, that's what happens when there's a drop of 10% in economic growth."
The council chief says it would be much worse if not for the national rates waiver, however the local authority still needs funding from the government to make up the rest of the shortfall. He told councillors at the plenary meeting in Dungarvan:
"there is no value whatsoever of carrying a deficit of two million into next year, it only becomes a further burden down the road, but I am hopeful if not expecting some further funding at national level".
