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Peoria adopts $1.9 billion 10‑year CIP, tentatively sets $1.19 billion FY2026 budget with no tax‑rate increases
Summary
Peoria City Council voted 7‑0 on May 13 to adopt a $1.9 billion 10‑year capital improvement program and to set a $1.192 billion tentative FY2026 budget ceiling, keeping current sales and property tax rates unchanged while proposing modest utility rate increases.
Peoria City Council on May 13 approved a 10‑year capital improvement program (CIP) totaling about $1.9 billion and adopted a tentative fiscal year 2026 budget that sets maximum spending authority at $1.192 billion. Both actions passed by 7‑0 voice votes.
Deputy City Manager Kevin Burke and Finance staff told council the 10‑year CIP allocates roughly one‑third of the program to water and wastewater, more than one‑quarter to the Peoria Innovation Core, and about 17 percent to streets and traffic control. The FY2026 capital budget is about $572 million, of which approximately $294 million is carryover from FY2025. Staff said the full CIP includes 266 projects spread over the decade.
Burke said funding sources include roughly 22 percent debt (various bond…
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