The Minister of State for Tourism and Sport, Michael Ring TD, made the official announcement at an event in Dublin which was attended by representatives of the sports bodies.
"This grant funding of €25.58 million is a significant investment in Irish sports and is a strong indication of this Government's commitment to sport," he commented.
"I want to pay tribute to all of the sports organisations. They are continuing to do outstanding work for sport in Ireland and are playing a very important role in delivering opportunities in sport both nationally and for local communities throughout the country."
The Irish Sports Council's budget was reduced to €44.5 million in 2012 from €47 million in 2011. Given the importance of 2012 for Irish sport the High Performance budget was left untouched at €10.5 million.
The GAA, IRFU and GAA see cuts of 10% in their budgets with 5% for the bigger governing bodies and 2.5% for the small sports. The Local Sport partnerships will see a reduction of around 7% in their annual grants.
Kieran Mulvey, Chairman of the Irish Sports Council, said: "The Council has taken great care in allocating money to ensure that the most vulnerable sports bear the least impact in 2012.
"The priority this year was high performance because everyone wants to see our athletes do well in London. This means the NGBs and LSPs have to plan the year with less resources.
"They are doing a fantastic job on behalf of the country and it is important that we recognise and acknowledge their outstanding work."
The review's outcomes emphasised targeting the individual sports that made the greatest impact and where NGBs and LSPs have worked together to increase participation among women.
The total Irish Sports Council budget for 2012 is €44.5 million. The main spending areas are NGB core grants (25%) approximately), Local Sports Partnerships (12%), Youth Field Sport (18%), High Performance (24%) and other Council programmes (10%). The Council operating costs, including salaries, comes in around 7% of total budget.
The Council also published its Statement of Strategy for the years 2012 to 2014. It will concentrate on implementing its Participation strategy, developing the governing body sector and sustaining the high performance system. The document includes a report on progress against measures set out in the previous strategy.
In the development of the strategy sports bodies were surveyed on the work of the Council.
97% stated that Council funding was 'vital' or 'very Important' to their organisation and 86% replied that they enjoyed an 'excellent' or 'very good' relationship with the Council, responses consistent with similar surveys in previous years.
John Treacy, Chief Executive of the Council, commented on the strategy: "We were happy to report excellent progress on all areas of work over the past three years and we have set out our priorities for the next three years.
"The Council received very positive feedback from the sports sector on our work. The excellent working relationships in the sector is something that we can all be proud of."
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