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Peoria presents midyear financial review showing modest ongoing capacity and reliance on one‑time reserves
Summary
City finance staff told the council that slower sales‑tax growth and higher health care costs leave the general fund with about $3.3 million in ongoing capacity over five years, while one‑time reserves near $60 million provide flexibility. Staff urged caution on new ongoing spending as revenue growth moderates.
Peoria officials presented a midyear financial review on Nov. 18, telling the City Council the local economy continues to grow but at a slower pace and that the city should expect modest revenue growth heading into the Fiscal Year 2027 budget cycle.
"This year has proven very hard to really evaluate our current economic condition," Kevin Burke, Deputy City Manager, said as he introduced the review and the finance team. CFO Sean Bridal said national GDP remains positive but slower than recent years and that inflation remains slightly above the Federal Reserve's 2% target. "We just expect it to continue kind of on pace above the levels that we're looking for," Bridal…
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