ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to APPROVE a RESOLUTION Adopting the 2018 - 2019 BIENNIAL BUDGET for the City of Peoria.
Body
BACKGROUND: The attached resolution adopts the 2018 - 2019 Biennial Budget of the City of Peoria for the fiscal years 2018 and 2019 and the Five-Year Community Investment Plan 2018 - 2022. The first two years of the Community Investment Plan are the capital budget and are included in the proposed 2018 - 2019 Biennial Budget.
The total 2018 - 2019 Biennial Budget for the Fiscal Year 2018 is $198,921,479 which consist of the following:
City Library Total
Operations $141,560,547 $6,521,693 $148,082,240
Capital $ 30,218,103 $1,760,000 $ 31,978,103
Debt Service $ 18,861,136 $ -0- $ 18,861,136
Total $190,639,786 $8,281,693 $198,921,479
The total 2018 - 2019 Biennial; Budget for the Fiscal Year 2019 is $198,093,090 which consist of the following:
City Library Total
Operations $144,420,798 $6,526,908 $150,947,706
Capital $ 27,388,000 $ -0- $ 27,388,000
Debt Service $ 19,757,384 $ -0- $ 19,757,384
Total $191,566,182 $6,526,908 $198,093,090
FINANCIAL IMPACT: Fiscal Year 2018 budgeted expenditures of $198,921,479 and budgeted revenues of $205,995,049. Fiscal Year 2019 budgeted expenditures of $198,093,090 and budgeted revenues of $207,189,706.
NEIGHBORHOOD CONCERNS: No concerns addressed at the Budget Hearing held October 24, 2017. Citizen feedback from Citizen Budget meetings held in each district as well as the results from Budget Challenge have been presented to the Council.
IMPACT IF APPROVED: The City's 2018 - 2019 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 ...
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