ACTION REQUESTED:
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REPLACEMENT Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT a RESOLUTION Adopting the 2016 - 2017 BIENNIAL BUDGET for the City of Peoria.
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BACKGROUND: The attached resolution adopts the 2016 - 2017 Biennial Budget of the City of Peoria for the fiscal years 2016 and 2017 and the Five-Year Community Investment Plan 2016 - 2020. The first two years of the Community Investment Plan are the capital budget and are included in the proposed 2016 - 2017 Biennial Budget.
The total 2016 - 2017 Biennial Budget for the Fiscal Year 2016 is $185,356,415 which consist of the following:
City Library Total
Operations $138,141,997 $6,450,521 $144,592,518
Capital $ 20,038,000 $ -0- $ 20,038,000
Debt Service $ 20,725,897 $ -0- $ 20,725,897
Total $178,905,894 $6,450,521 $185,356,415
The total 2016 - 2017 Biennial; Budget for the Fiscal Year 2017 is $199,587,293 which consist of the following:
City Library Total
Operations $143,170,659 $6,556,103 $149,726,762
Capital $ 28,879,113 $ -0- $ 28,879,113
Debt Service $ 20,981,418 $ -0- $ 20,981,418
Total $193,031,190 $6,556,103 $199,587,293
Also included as an attachment are the proposed revision to the Financial Policies of the City of Peoria to include the Council’s restriction of an amount equal to 25% of the Hotel Tax collected for infrastructure projects within the City’s right-of-ways and the establishment of a Road and Bridge tax levy.
FINANCIAL IMPACT: Fiscal Year 2016 budgeted expenditures of $185,356,415 and budgeted revenues of $188,257,022. Fiscal Year 2017 budgeted expenditures of $199,587,293 and budgeted revenues of $200,830,530.
NEIGHBORHOOD CONCERNS: During the Budget Hearing held on November 10, 2015, a concerned citizen addressed Council regarding the snow removal ordinance and the removal of snow from sidewalks. Other citizens have sent e-mails in opposition of increasing taxes. The results of the Budget Challenge and the National Citizen Survey conducted early this year have also been presented to Council.
IMPACT IF APPROVED: The City’s 2016 - 2017 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 tax foregoing $27,320,476 in property tax revenue.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City Government, Effective City Organization
2. Attractive Neighborhoods with Character: Safe and Livable
3. Vibrant Downtown: Riverfront/ Central Business District/ Warehouse District
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Keep taxes and fees competitive.
2. Have an efficient government.
3. Invest in our infrastructure and transportation.
4. Reinvest in neighborhoods
5. Reduce crime
DEPARTMENT: Finance