ACTION REQUESTED:
Title
Communication from the City Manager and the Finance Director/Comptroller with a Request for Continued Discussion Regarding the 2016-2017 CITY OF PEORIA BIENNIAL BUDGET.
Body
BACKGROUND: Council deferred action on the budget on November 19, 2015. The City Manager and Finance Director will provide an overview of the options available to Council pertaining to final approval of the 2016-2017 Biennial Budget. Staff will also outline why the budget will need to be approved by December 8, 2015.
The total 2016 - 2017 Biennial Budget for the Fiscal Year 2016 is $185,356,415 which consist of the following:
City
Library
Total
Operations
$ 138,141,997.00
$ 6,450,521.00
$ 144,592,518.00
Capital
20,038,000.00
-
20,038,000.00
Debt Service
20,725,897.00
-
20,725,897.00
Total
$ 178,905,894.00
$ 6,450,521.00
$ 185,356,415.00
The total 2016 - 2017 Biennial; Budget for the Fiscal Year 2017 is $199,587,293 which consist of the following:
City
Library
Total
Operations
$ 143,170,659.00
$ 6,556,103.00
$ 149,726,762.00
Capital
28,879,113.00
-
28,879,113.00
Debt Service
20,981,418.00
-
20,981,418.00
Total
$ 193,031,190.00
$ 6,556,103.00
$ 199,587,293.00
Council will have the following revenue increases on the agenda December 8 for the Operating Budget:
? Sales Tax increase 0.25% ($1.9 million in 2016, $3.8 million in 2017);
? Liquor Licenses ($89,000);
? Miscellaneous Business Regulations ($40,000);
? Building permits ($0.3 million); and
? Rental Registration ($0.8 million).
Should the Council not approve the proposed operating revenues, expenditures will have to be reduced. Since 66% of the personnel expenses are in public safety, cuts would be unavoidable in Police and Fire.
Council...
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