Representatives for the arts have responded, saying the Budget represents a positive result for the arts community.
The Arts Council has been allocated €65.2m, a reduction of 5% on the 2010 figure, while the Film Board has been allocated €18.4m.
The National Museum allocation of €14.2m includes €2m capital funding for renovations at the Treasury in the Museum on Kildare Street and the fitting out of the Collections Resource Centre.
Almost €21m is allocated to the National Library, Irish Museum of Modern Art, National Concert Hall, Chester Beatty Library and Crawford Gallery.
An allocation of €9.85m for the National Gallery is a reduction of 3% on 2010.
Over €4m is being provided to support regional and smaller museums as well as to fund events such as Culture Night 2011 and the major new contemporary art event Dublin Contemporary 2011.
A carry-over of €3m from 2010 will be used towards the funding of Culture Ireland's major year-long season of contemporary Irish culture - Imagine Ireland- across the US in 2011.
The artists' exemption will have a new threshold of €40,000. The section 481 investment tax relief for the film and television production sector will remain in place.
Minister Hanafin has said funding for the Arts Council will help sustain its major arts organisations, keep regional venues open and programmed and support festivals and touring.
She described the Irish audiovisual industry as a positive force for change.
The Minister said the vast majority of artists currently availing of the artists' exemption will still be covered even with the reduction in threshold to €40,000 and she said Ireland's arts and culture sectors are at the centre of creativity and we need to continue to invest in them.
The Irish Film Board has said that in a year that calls for unprecedented funding cuts across all sectors, a 4.5% cut in the IFB budget represents an endorsement from the Government in the Irish film and television sector and what it can deliver to the Irish economy.
This sector presents opportunities for job growth and international investment and is a central contributor to the digital creative economy.
A spokeswoman for the National Campaign for the Arts said the budget represents a positive result for the arts community.
Although there have been cuts, they can be lived with she said and the continued strong investment in the arts shows that the case they made has been listened to.
The NCFA is particularly pleased with the funding for Culture Ireland to promote Irish art abroad.
