File #: 19-338    Version: 1 Name: 2020-2021 Biennial Budget Resolution
Type: Action Item Status: Approved
File created: 10/28/2019 In control: City Council
On agenda: 11/5/2019 Final action: 11/5/2019
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.
Indexes: Goal 1 - Financially Sound City , Goal 2 - Safe Peoria, Goal 3 - Beautiful Peoria, Goal 4 - Grow Peoria, Grow employers and jobs., Have an efficient government., Improve Peoria Public Schools, Invest in our infrastructure and transportation, Keep taxes and fees competitive, Reduce Crime, Reinvest in neighborhoods, Support sustainability
Attachments: 1. RES NO 19-338 Adopting the 2020-2021 Biennial Budget, 2. 2020-2021Biennial Budget Resolution, 3. City of Peoria 2020 Budget Page, 4. 19-338 2020-2021 Biennial Budget Newspaper Publication

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