While it is halfway into the current fiscal year, the city of Peoria recently released final numbers on the previous fiscal year, which ended July 1.
As part of the agenda for the Tuesday, Jan. 7, Peoria City Council meeting, the city attached its “Fiscal Year 2019 Comprehensive Annual Report.”
From both revenues vs. expenditures and budget vs. final numbers perspectives, it was a good year, for Peoria.
“General Fund revenues of $150.8 million, on a budgetary basis, exceeded budgeted revenues of $143.8 million by $7.0 million while budgetary basis expenditures of $151.7 million were 90.4% of final budgeted amounts,” the report stated.
“Revenues, on a budgetary basis, exceeded budgeted revenues in every category except urban revenue sharing and charges for services. There were no expenditure overages for any of the functional departmental categories.”
To summarize, Peoria took in more than expected and spent less than anticipated.
In a December interview, Barry Houg, Peoria’s deputy director of the Finance and Budget Department, said he was “gearing up” for next fiscal year’s budget.
“Department have started submitting requests, and we’ll meet with council the beginning of March,” he said.
Noteworthy in the period from July 1, 2018, to June 30, 2019, was retail sales rose by 2.8% over the previous year, he said.
Retail sales over the decade has been far more rapid, fueled by the city’s population growth. Since 2010, Peoria’s retail sales have increased by almost double, from $26 million to $48 million.
Six months into the current year, “It looks like we’re on track for that this year,” he added.
A strong national auto market contributed to the good times in Peoria, where 38% of retail sales tax comes from auto sales, according to Houg. “The rest is other retail, like Home Depot, grocery stores, Target, Walmart,” he said. “In those areas, we project an even, steady number.”
Houg’s statements provide context to the official report presented this week.
According to the report, “For fiscal year 2019, total governmental activities revenues increased $22.8 million while total business-type activities revenues increased $3.8 million.”
The “business-type activities” include water, waste, storm drain and stadium utilities.
On the spending end: “Expenses increased $10.6 million for the governmental activities and increased $1.1 million for the business-type activities. The increase in governmental activities was primarily due to an increase of $7.7 million in personnel costs.”
The report notes the city’s General Fund writes pay and supply checks for public safety (police and fire-medical departments), parks and recreation, community development and administrative services.
With a boost from a statewide half-cent sales tax increase, General Fund revenues increased $7.2 million over the prior fiscal year. “Sales tax growth remains strong although it is slower than the prior fiscal year,” the report states.