By Alicia Venter | Peoria Times
Peoria’s Fiscal Year 2024 Annual Comprehensive Financial Report was released last month, revealing the city’s positive economic outlook.
The financial report, audited by Heinfeld, Meech & Co., shows that the economic outlook for this fiscal year is “positive,” given the city’s low unemployment rate and job growth. Peoria’s 2024 fiscal year ended June 30, 2024.
“Peoria’s economic development emphasis is positioning Peoria well for continued growth and prosperity in the next several years,” the report stated.
In October 2024, the unemployment rate in Peoria was 3.2%, the report said. This outperforms both the state and federal unemployment rate, 3.6% and 4.1%, respectively.
Furthermore, the city’s total net position, or the difference between the city’s assets and liabilities, increased by 10.5% in the last fiscal year, totaling $1.9 million. Per the report, “net position may serve over time as a useful indicator of a government’s financial position.”
Last fiscal year, the city’s largest financial source, at 28.9%, was charges for services, such as fees for building permits, water and sewer, and other services. This was followed by sales and use taxes, at 21.8% of Peoria’s revenue. The city’s largest expenses, totaling over half of its expenses, were business-type activities and public safety.
