During a five-hour meeting at the Guildhall on Friday, efforts were made to bring the rate increase down from around 10% to below 8% which would be closer to those already set in other council areas.
There will be another private meeting at midday on Monday before the public are allowed in.
All councils have to officially strike a rates increase before a deadline of next Wednesday, February 15.
Belfast City Council increased household rates by 7.99%, while Mid Ulster District Council agreed to an increase of 7.3% and Newry, Mourne & Down District Council agreed a rise of 5.99%.
A ‘stop council cuts’ protest was held outside the Guildhall prior to Friday’s meeting.
Lisburn and Castlereagh City Council hikes rates by 7.5% to offset £7m financial pressures
It is understood councillors have agreed to make over £2.5 million worth of cuts to local services.
Among savings they decided to make is £330,000 on street cleansing.
This could lead to mounting litter in a city that has won awards for maintenance of its streets over recent years.
There are also plans to slash £125,0000 from recycling services.
It has prompted internal fears that the cuts could lead to a rise in fly tipping across the council area.
There are also proposals to increase car parking fees, and cuts to the Millennium Forum and Visit Derry visitor centre.
And councillors are also looking at slashing the Christmas lights festive budget.
Before the meeting, People Before Profit councillor Shaun Harkin said his party won’t back a council rates hike.
In a statement issued before the meeting, Cllr Harkin said: “People Before Profit Cllrs won’t back a Council rates hike. The Council shouldn’t implement Tory austerity.
“We’re in a hardship emergency and don’t believe further hikes on struggling households and organisations can be justified.
“Ratepayers shouldn’t be forced to pay the price for corporate profiteering created by Westminster and Stormont.
“Throughout the pandemic there was government intervention to protect Council’s, businesses and jobs – it’s absolutely no different now.
“In November, Councillors gave unanimous support to a People Before Profit motion committing them to avoiding an unfair rates hike, Council service cuts and price hikes.
“All the mainstream parties on Council trampled over this commitment.“When everyone is saying enough is enough, repeating the Tory line “there is no alternative” isn’t acceptable.
“Food prices continue to rise. Mortgage rates are going up again. Energy prices are still at an all time high.
“The vast majority of people can’t get a pay rise and there’s been very little government hardship help, while energy companies and banks post record profits.
“The Tories are demanding pay cuts and vicious austerity. We refuse to go along with this.”
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