Peoria city council approves fiscal year 2021 budget, Capital Improvement Program
Posted 5/20/20
Peoria City Council approved the tentative fiscal year 2021 budget in the amount of $665 million, as well as the fiscal years 2021-2030 Capital Improvement Program in the amount of $783 million. Council will consider the final budget, June 2.
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Peoria city council approves fiscal year 2021 budget, Capital Improvement Program
Posted
Peoria City Council approved the tentative fiscal year 2021 budget in the amount of $665 million, as well as the fiscal years 2021-2030 Capital Improvement Program in the amount of $783 million.
Council will consider the final budget, June 2.
The new budget is a decrease of 0.75% from the previous year. The operations component of the budget totals $313.3 million, which represents a 0.50% increase from fiscal year 2020.
In total, the operating budget supports 1,278 full-time equivalent positions.
The capital budget includes investments in various capital improvements throughout the city and is the first year of the 10-year program.
The $233.7 million fiscal year 2021 capital budget represents a decrease of 8.9% from last year’s capital budget, while the 10-year Capital Improvement Program represents a 7.8% increase from a year ago.
The proposed budget is made up of four major categories: the operating budget at $313.3 million represents the day-to-day operations of the city; the capital budget at $233.7 million entails large, one-time capital projects; debt service payments at $42.3 million; and contingency reserve at $75.7 million. Also, the city is proposing a 10-year capital improvement program of $783.2 million.
