PEORIA, Ill. – Peoria’s city administration is proposing a budget that could be considered significantly higher than this year, but somewhat puts spending levels back to pre-pandemic.
City Manager Patrick Urich tells City Council members some of that is being done is because he describes the current year as “really good” from a revenue standpoint.
“Our Real Estate Transfer Tax — which is the transfer tax that we get on the sale of property — is up 55 percent,” said Urich. “That’s a reflection of a very good real estate market. Right now, as we’re seeing that houses are being sold, we’re seeing that transfer tax proceeds are coming in.”
Home rule and state sales tax revenues are also up significantly. But, Urich says there is one exception.
“We’re seeing that hotel taxes are still about 32 percent down, and that restaurant taxes are two percent down,” said Urich. “We haven’t quite seen that kind of recovery yet in those revenues that support the Civic Center.”
The city is proposing in its $255 million spending plan for next year restoring many of the items cut in the last two years due to the pandemic, and using at least $13 in recovery money to support other community initiatives.
The city is also proposing restoring at least one Fire Department engine company.
City Council members are urging that more recovery money be spent sooner.
The Peoria City Council will discuss the budget again next week.
