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Peoria council approves FY 2021 final budget
Posted
Peoria City Council approved the fiscal year 2021 final budget in the amount of $665 million, 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 budget is flat due to a projected 3.3% decrease in sales taxes from the economic downturn caused by the COVID-19 pandemic.
Total revenue in Peoria is forecast to decrease 2.4% this fiscal year and 3.6% fiscal year 2021. However, the sales tax decrease is expected to be offset by an increase in the income tax allocation and other revenues in the general fund.
