By Philip Haldiman | Your Valley
Recovering from the economic uncertainty of the COVID-19 pandemic, Peoria has brought forth a proposed budget for the new fiscal year reflecting “robust economic growth,” officials said.
This includes favorable sales tax revenue and federal fiscal stimulus revenue allowing for growth and financial flexibility, said City Manager Jeff Tyne.
The fiscal year 2023 proposed budget totals $783 million, which represents a 12.7% increase, or about a $40 million increase from last year’s budget.
Fiscal year 2023 will begin on July 1.
Capital projects and personnel costs, such as new staff, are primarily responsible for this increase, with the $286.5 million capital budget for fiscal year 2023 representing an 18.4% increase over the fiscal year 2022 plan, largely driven by new projects, construction costs and inflation.