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Peoria finance director reports February unaudited results; council hears pension-funding and bond timing discussion
Summary
Finance Director Kyle Crady presented the unaudited financial report through Feb. 28, 2025, noting general-fund revenues lag budget early in the year, an expected FY2024 close near budget projections, and ongoing work on pension funding tools and potential pension-obligation bond timing.
The Peoria City Council on Tuesday received the city’s unaudited financial report for the period ended Feb. 28, 2025, and questioned staff about near-term revenue, the audit timeline, and pension-funding strategy.
Finance Director Kyle Crady told council general-fund revenues through February were about 12.6% below budget while expenditures were about 7.2% below budget for the same period. Crady said those variances are common in the first months of the fiscal year because many revenues (notably sales taxes) are reported with a lag and some revenues are accrued back to the…
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