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Peoria mid‑year review: officials see revenue improvement, urge cautious spending
Summary
City finance leaders told council Dec. 17 that the local and national economy have improved since mid‑year, prompting modest forecast upgrades but counselled prudence amid uncertain longer‑term state revenue shifts.
Peoria’s finance staff told the city council on Dec. 17 that improved economic indicators and stronger‑than‑expected early fiscal‑year sales tax receipts have allowed modest increases to revenue forecasts but that the city should remain cautious because some state revenue sources will decline in the next two years.
Deputy City Manager Kevin Burke, CFO Sean Kendall and Deputy Finance Director Peter Christiansen presented a mid‑year review that updated council on national and local trends, sales‑tax performance, state shared revenues and multi‑year budget capacity.
Kendall summarized the macro picture: following recent indicators, “most economists ... are comfortable in saying that we either have already achieved a soft…
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