ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to APPROVE a RESOLUTION Adopting the 2022-2023 BIENNIAL BUDGET for the City of Peoria.
Body
BACKGROUND: The attached resolution adopts the 2022-2023 Biennial Budget of the City of Peoria for the fiscal year 2022 and the Five-Year Community Investment Plan 2022-2026. The first year of the Community Investment Plan is the Capital Budget and is included in the proposed 2022-2023 Biennial Budget.
The total 2022-2023 Biennial Budget for the Fiscal Year 2022 is $262,345,025 which consist of the following:
City Library Total
Operations $171,484,880 $6,194,364 $177,849,244
Capital $64,754,314 $170,000 $64,754,314
Debt $19,741,467 $-0- $19,741,467
Total $255,980,661 $6,364,364 $262,345,025
The total 2022-2023 Biennial Budget for the Fiscal Year 2023 is $242,181,654 which consist of the following:
City Library Total
Operations $170,530,809 $6,318,251 $177,022,460
Capital $45,670,650 $173,400 $45,670,650
Debt $19,488,544 $-0- $19,488,544
Total $235,690,003 $6,491,651 $242,181,654
FINANCIAL IMPACT: Fiscal year 2022 budgeted expenditures of $262,345,025 and budgeted revenues of $255,397,255. Fiscal year 2023 budgeted expenditures of $242,181,654 and budgeted revenues of $237,218,824.
NEIGHBORHOOD CONCERNS: Citizens concerns were expressed at the Budget Hearing on October 26, 2021.
IMPACT IF APPROVED: The City's 2022-2023 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 annual budget and would result in the inability to levy property taxes foregoing $26,817,931 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. Choose a...
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