ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT a RESOLUTION Adopting the 2021 REVISED ANNUAL BUDGET for the City of Peoria.
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BACKGROUND: The attached resolution adopts the 2021 Revised Annual Budget of the City of Peoria for the fiscal year 2021 and the Five-Year Community Investment Plan 2021-2025. The first year of the Community Investment Plan is the Capital Budget and is included in the proposed 2021 Revised Annual Budget.
The total 2021 Revised Annual Budget for the Fiscal Year 2021 is $204,563,745 which consist of the following:
City Library Total
Operations $152,310,968 $6,370,117 $158,681,085
Capital $26,090,308 $-0- $26,090,308
Debt $19,792,352 $-0- $19,792,352
Total $198,193,628 $6,370,117 $204,563,745
2021 Budget Report Back 2 is attached with information on the staffing levels and the COVID-19 expenses to date.
FINANCIAL IMPACT: Fiscal year 2021 budgeted expenditures of $204,563,745 and budgeted revenues of $208,241,320.
NEIGHBORHOOD CONCERNS: Citizens concerns were expressed at the Budget Hearing on October 27, 2020.
IMPACT IF APPROVED: The City's 2021 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 taxes foregoing $26,552,919 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. Grow Peoria
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
2. Keep taxes and fees competitive.
3. Invest in our infrastructure and transportation.
4. Reinvest in neighborhoods
5. Re...
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