ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT a RESOLUTION Adopting the 2020-2021 BIENNIAL BUDGET for the City of Peoria.
Body
BACKGROUND: The attached resolution adopts the 2020-2021 Biennial Budget of the City of Peoria fir the fiscal years 2020 and 2021 and the Five-Year Community Investment Plan 2020-2024. The first two years of the Community Investment Plan are the capital budget and are included in the proposed 2020-2021 Biennial Budget.
The total 2020-2021 Biennial Budget for the Fiscal Year 2020 is $217,971,228 which consist of the following:
|
City |
Library |
Total |
Operations |
$152,226,729 |
$6,334,847 |
$158,561,576 |
Capital |
$39,291,126 |
$-0- |
$39,291,126 |
Debt Service |
$20,118,526 |
$-0- |
$20,118,526 |
Total |
$211,636,381 |
$6,334,847 |
$217,971,228 |
The total 2020-2021 Biennial Budget for the Fiscal Year 2021 is $219,384,586 which consist of the following:
CityLibraryTotal |
|
|
|
Operations |
$156,891,220 |
$6,370,117 |
$163,261,337 |
Capital |
$36,907,382 |
$-0- |
$36,907,382 |
Debt Service |
$19,215,867 |
$-0- |
$19,215,867 |
Total |
$213,014,469 |
$6,370,117 |
$219,384,586 |
FINANCIAL IMPACT: Fiscal year 2020 budgeted expenditures of $217,971,228 and budgeted revenues of $217,738,521. Fiscal year 2021 budgeted expenditures of $219,384,586 and budgeted revenues of $223,382,941
NEIGHBORHOOD CONCERNS: Citizens concerns were expressed at the Budget Hearing on October 22, 2019. Citizens’ feedback from two citizens’ budget meetings, as well as the Peoria Budget Challenge and the online idea generation tool called Shape Peoria’s Strategic Direction have been presented to Council.
IMPACT IF APPROVED: The City’s 2020-2021 Biennial Budget would be adopted in compliance with statutory requirements.
IMPACT IF DENIED: The City would fail to meet statutory requirements for adopting the City’s biennial budget and would result in the inability to levy property taxes foregoing $27,057,301 in property tax revenue.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City
2. Safe Peoria
3. Grow Peoria
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
2. Keep taxes and fees competitive.
3. Invest in our infrastructure and transportation.
4. Reinvest in neighborhoods
5. Reduce Crime
DEPARTMENT: Finance