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Peoria staff present $1.17 billion FY2026 proposed budget with focus on capital projects and stability
Summary
City staff presented a proposed FY2026 budget totaling $1.17 billion, driven by a larger capital program and modest operating growth. Staff said the plan preserves the city’s financial principles, raises contingency levels for economic development, and begins a public process for final adoption in May and June.
City staff on the dais presented a proposed fiscal year 2026 budget totaling $1,170,000,000, an 18% increase over FY2025, driven largely by a larger capital program, the city said.
The proposed budget would fund a $550,200,000 capital program (about 47% of the total) and an operating budget of $478,200,000, up 4.2% over the prior year, staff said. Debt service and contingency account for the remainder; staff reported a contingency increase of about $35,360,000 to cover economic development uncertainties.
The finance overview put the capital carryover and an expanded list of construction projects at the center of the increase: carried-over capital and a construction-heavy FY2026 are expected to raise capital spending by roughly 27% over last year. “This budget complies with our council adopted principles of sound financial management in every way,” staff member Peter said…
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