The East Peoria City Council is preparing to put a new budget in place.
The public hearing Tuesday night was the initial step in the approval process. The nearly $55.5 million spending plan represents a .003 percent increase from last fiscal year.
Commissioner John Kahl says the city’s reserve funds are lower than he’d like. Finance Commissioner Gary Densberger says he shares that concern, but he’s counting on the bond payments for East Side Center being retired next year.
“I would like to take that opportunity to perhaps ear mark those funds for either A reserves, or B put it back for future larger capital projects," Densberger said. "So you could sort of accomplish both at the same time."
East Peoria works on a fiscal year that started May 1. By state statute, a city must have a budget plan in place within the first quarter of a new fiscal year.
The East Peoria City Council also approved two new union contracts: a three-year deal with Fire Fighters Union Local 1498 and five year teamster contract. That will cover one certified HVAC professional, that position has not yet been filled.