ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT a RESOLUTION ADOPTING the 2015 REVISED ANNUAL BUDGET for the City of Peoria.
Body
BACKGROUND: The attached resolution adopts the 2015 Revised Annual Budget of the City of Peoria for the fiscal year 2015 and the Five-Year Community Investment Plan 2015 - 2019. The first year of the Community Investment Plan is the capital budget and is included in the proposed budget.
The total Revised Budget for the Fiscal Year 2015 is $181,578,981 which consist of the following:
City
Library
Total
Operations
$134,851,726
$6,399,793
$141,251,5519
Capital
$19,564,247
$0
$19,564,247
Debt Service
$20,763,215
$0
$20,763,215
Total
$175,179,188
$6,399,793
$181,578,981
FINANCIAL IMPACT: $181,578,981 in estimated expenditures and $183,081,537 in estimated revenues.
NEIGHBORHOOD CONCERNS: A member of the Firemen's Pension Board addressed Council and requested that the amount being contributed to the pension fund by the City be increased in accordance with the actuarial report they had prepared by an outside actuary under the assumption that the fund would be 100% funded by 2040. The City is currently funding the Police and Firemen's Pension funds in accordance with State Statute. A member of the Weaver Ridge homeowners association addressed Council requesting the repair of streets within the Weaver Ridge subdivision.
IMPACT IF APPROVED: The City's 2015 Revised Annual 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 annual budget and would result in the inability to levy property tax foregoing $25,509,183 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 ...
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