ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to APPROVE a RESOLUTION Adopting the 2017 AMENDED ANNUAL BUDGET for the City of Peoria.
Body
BACKGROUND: The attached resolution adopts the 2017 Amended Annual Budget for the City of Peoria for fiscal year 2017 and the Five-Year Community Investment Plan 2017-2021. The first year of the Community Investment Plan is the capital budget and is included in the proposed 2017 Amended Annual Budget.
The total 2017 Amended Annual Budget is $199,593,553 which consist of the following:
City Library Total
Operations $143,590,091 $6,654,579 $150,244,670
Capital $ 27,937,500 $ -0- $ 27,937,500
Debt Service $ 21,411,383 $ -0- $ 21,411,383
Total $192,938,974 $6,654,579 $199,593,553
FINANCIAL IMPACT: Fiscal Year 2017 amended budgeted expenditures of $199,593,553 and amended budgeted revenues of $200,363,056.
NEIGHBORHOOD CONCERNS: No concerns expressed by citizens during citizens address the Council nor the budget hearing.
IMPACT IF APPROVED: The City's 2017 Amended 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 2017 Amended Annual Budget which would result in the inability to levy property tax foregoing $28,325,070 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....
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