ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to APPROVE a RESOLUTION Adopting the 2019 REVISED BUDGET for the City of Peoria.
Body
BACKGROUND: The attached resolution adopts the 2019 Revised Budget of the City of Peoria for fiscal year 2019 and the Five-Year Community Investment Plan 2019 - 2023. The year of the Community Investment Plan is the capital budget included in the proposed 2019 Revised Budget.
The total 2019 Revised Budget for Fiscal year 2019 is $203,792,629 which consist of the following:
|
|
City |
Library |
Total |
|
|
|
|
|
|
Operations |
$145,780,196 |
$6,504,638 |
$152,284,834 |
|
Capital |
$ 30,238,712 |
$ -0- |
$ 30,238,712 |
|
Debt Service |
$ 21,269,083 |
$ -0- |
$ 21,269,083 |
|
|
|
|
|
|
Total |
$197,287,991 |
$6,504,638 |
$203,792,629 |
FINANCIAL IMPACT: Fiscal Year 2019 budgeted expenditures of $203,792,629 and budgeted revenues of $208,449,984.
NEIGHBORHOOD CONCERNS: No concerns addressed at the Budget Hearing held October 30, 2018.
IMPACT IF APPROVED: The City’s 2019 Revised 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 $27,766,129 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. Beautiful Peoria
4. Grow Peoria
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