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Peoria council receives March finance report and in-depth report-backs on HRA, TIFs, pensions and state revenues
Summary
Council received the month-ended March unaudited financial report and a series of report-backs that reviewed hotel-restaurant-amusement (HRA) fund arrangements with the Peoria Civic Center, TIF uses, pension funding choices, and the state LGDF revenue share; council voted unanimously to receive and file the reports.
Peoria City Council on Tuesday received and filed the month-ended March 31, 2025 unaudited financial report and a set of requested report-backs that detailed how hotel-restaurant-amusement (HRA) revenues flow to the Peoria Civic Center, how the city’s TIF and capital funds may be used, recent changes to local share formulas and the city’s pension funding strategy.
Finance Director Kyle Cratty told the council that overall revenues through March were 8.9% below budgeted estimates largely because grant reimbursements that boosted prior-year totals were not present in 2025. Cratty said state and home-rule sales taxes have been relatively strong and are expected to start showing in April receipts. “We are seeing relatively strong state sales tax as well as home rule sales tax as well as income tax receipts,” he said, adding the city expected an…
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