Information Courtesy of the City of Peoria
The Peoria City Council recently reviewed the city of Peoria Fiscal Year (FY) 2023 Proposed Budget. The proposed $783 million budget maintains core citizen services without any increases to taxes.
“As we do in every fiscal budgeting process, we thoughtfully weigh the needs of the community and our fiscal responsibilities to develop a balanced plan,” says Jeff Tyne, Peoria city manager. “This proposed budget safeguards Peoria’s strong financial position and provides for a robust spending plan that allows us to continue to deliver exceptional city services, programs, and amenities.”
The proposed budget is comprised of four major categories: the operating budget at $370.4 million represents the day-to-day operations of the city; the capital budget at $286.5 million entails large, one-time capital projects; the debt service payments at $46.9 million; and the contingency reserve at $79.2 million. Concurrently, the city is proposing a 10-year Capital Improvement Program (CIP) of $1.1 billion.
“Creating a balanced budget is one of the most important responsibilities of city government,” says Mayor Cathy Carlat. “Peoria continues to experience tremendous growth and, over the last several months, council and I have closely evaluated these trends and opportunities as part of our Growth Series study sessions. I am pleased to see a fully balanced budget that adheres to our Principles of Sound Financial Management and strategically achieves today’s goals, and those of our future, with no increase to taxes.”
The CIP provides a schedule of planned improvements over the next 10 years and identifies the revenue sources that will pay for those improvements. As the community grows, new projects and amenities are needed to maintain service levels and accommodate growth.
The proposed CIP supports multiple investments in water and sewer infrastructure to strengthen Peoria’s diverse and secure water portfolio. This includes the construction of several major projects underway, such as the extension of reclaimed water infrastructure, regional drainage improvements at 67th and Pinnacle Peak Road, and expansions of the Beardsley and Jomax water reclamation facilities. The CIP continues important investments in public safety, including an expansion to the Pinnacle Peak Public Safety Facility that will bring a tactical range and new fire stations to support Peoria’s continued growth. The CIP also supports the second phase of development for Paloma Community Park, trail system improvements, and multiple roadways and facilities.
Equally as important to building new facilities is the responsibility to maintain current city facilities. As such, there are various projects throughout the CIP related to replacement and refurbishment of existing assets throughout Peoria. Of continued interest is the multi-year $27 million undertaking to upgrade streets, which will reduce the long-term financial impacts of aging asphalt infrastructure and increase Peoria’s elevated pavement condition index score.
The city’s top priority is to preserve the high quality of life of Peoria residents. The FY 2023 budget provides the financial resources necessary to deliver on council’s goals in the following areas:
• Public Safety: The majority of Peoria’s general fund is dedicated to public safety and the FY 2023 budget reflects the city’s ongoing commitment to it.
• Economic Prosperity: A vibrant, diversified economic base and quality jobs are essential to a community’s quality of life.
• Healthy Neighborhoods: To promote healthy and safe communities, the budget continues several neighborhood-focused initiatives.
• Integrated Transportation: To develop and maintain the city’s vital roadway network, the budget provides a robust capital program for streets and traffic control. The operating budget, meanwhile, provides the staffing and other resources needed to maintain the infrastructure as well as the transit options that link people to their community.
• Arts, Culture and Recreation: This department continues the city’s long history of providing family friendly and culturally diverse events.
• Superior Public Services: Peoria prides itself on providing high quality water, sewer, and solid waste services to its residents at an affordable price.
• Smart Growth: Strategic, long-term planning is essential to maintaining Peoria’s exceptional quality of life.
To see the full proposed budget, visit peoriaaz.gov/budget.