Instead of paying dividends (or reduced ones) it should of been reinvested in the airport to a degree. These so called State operators around Europe don't always pay dividends if they are investing in hence why facilities are 10 times better and they are able to cope with growth.
You can't have your cake and eat it which MAG are trying to achieve at MAN.
As for the airport charges comment, completely un true, if MAN raised charges 40% tomorrow bar maybe Ryanair not a single carrier would leave the airport. MAG have plenty to invest in STN but giving nothing to MAN.
It's up to individal councils to decide budgets to raise x amount of money, they have become to used to relaying on MAG payouts who will unlikely change.
Do you want a improved airport or lower council tax/rates?