DOUGLAS Borough Council will set the rate levy for the 2012-2013 financial year this week.

The rate levy will be announced at a special meeting of the council which will be held at Douglas Town Hall on Friday (January 27).

Council leader Councillor David Christian will present his annual report and presentation of the budget speech.

He said: "These past 12 months have been marked by continuing economic uncertainty at home and abroad which, together with further government cuts to our funding agreements and rising energy and fuel costs, have contributed to determining the Council's fiscal strategy for the forthcoming financial year."

Members of the public have been invited to attend the meeting which will take place in the Council Chamber of Douglas Town Hall at 10.30am.