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Peoria holds Truth in Taxation hearing and moves forward with FY2027 budget; council adopts final budget
Summary
Council held the Truth in Taxation public hearing, approved the $251,834 exclusive increase (driven by assessed-value growth) and later adopted the FY2027 final budget; staff emphasized the overall property-tax rate did not change while levy dollars rose with property valuations.
Peoria's City Council held a public hearing May 19 on the FY2027 final budget and Truth in Taxation disclosures and approved the required truth-and-taxation step that reflects an increase in levy dollars due to higher assessed valuations.
Finance staff (Peter Christensen and Sean Kindle) presented the FY2027 recommended budget totaling $1.185 billion, with capital projects representing $579 million (about 49%) and the operating budget about $490 million. Staff said the overall property-tax rate is unchanged for FY2027; the increase in levy dollars is driven by rising assessed valuations in the city, which generated about $2 million more in total levy collections year over year. Of that amount, $251,834 was characterized as the exclusive-of-new-construction increase that requires the truth-in-taxation vote.
During the public hearing Shannon Simo urged council to consider the effect of assessed-value increases on seniors and households on fixed incomes and asked for transparency on where increased dollars are allocated. Staff reiterated that the primary property-tax rate did not change and explained the legal steps required when total levy dollars rise because of valuation.
Council approved the Truth in Taxation motion by roll call (recorded 7-0). The council later convened a special meeting and adopted the FY2027 final budget by vote (item 1R), also recorded as passing 7-0.
