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Peoria finance director reports April 2025 revenues holding; civic center bridge loan repaid
Summary
Finance Director Kyle Cratty reported April 30 unaudited figures showing revenues roughly on budget and expenses below expected levels; the Civic Center has repaid a bridge loan in full and sales tax trends are stronger than anticipated though grant timing affects year-to-date comparisons.
Peoria’s finance director presented the city’s unaudited financial report for the month ended April 30, 2025, telling the City Council on June 10 that revenues were near budget and expenses trailed projected levels, a combination the director called a positive sign for the year.
Finance Director Kyle Cratty said the city’s revenues are roughly flat against the budget and up about 2.5% compared with the prior year, while expenses were down about 5.2% versus budget and down 7.3% from the previous year. He said stronger home-rule and state sales taxes to date reflect recent state law changes affecting out-of-state sales tax and certain rental equipment sales.
Cratty also reported the Civic Center has repaid a previously provided bridge loan in full. The city had advanced funds to the Civic Center to cover project payments while it awaited state reimbursements; the Civic Center returned the funds, and Cratty said the city has not recently observed any reserve-level concerns from that entity.
Council members requested clarifications. Council Member Allen asked for more detail on the timing effects of grant reimbursements; Cratty said year-to-date comparisons can reflect the pace of grant spending because revenues are recognized when expenditures are recorded and reimbursed. Cratty agreed to provide additional dollar-amount context alongside percentages in future reports to make the numbers clearer to residents.
Council members discussed several other finance-related items: Cratty said the city now has five cannabis dispensaries and expects to be able to break out cannabis-related sales-tax revenue in the next budget process once Department of Revenue confidentiality thresholds are met. He also identified the garbage fund and certain federal-program reimbursement timing as items staff will monitor.
Council voted to receive and file the April 30 unaudited financial report; the motion passed unanimously.
