By Jeff Grant for Daily News-Sun
The Peoria City Council will vote June 16 on a proposed municipal budget for fiscal 2016 totaling $511M that keeps local taxes and solid-waste utility rates stable.
The fiscal blueprint, which still faces a final public hearing and vote June 16, raises water, wastewater and reclaimed water service rates to cover operations and capital projects. It is the first such hike in three years.
The budget also funds the first year of a 10-year capital improvement program, including stadium renovations at the Peoria Sports Complex, installation of a new segment to the New River Trail from Northern to Olive avenues, and extension of El Mirage Road in the Vistancia community from Vistancia Boulevard to Lone Mountain Parkway. All three projects are slated for completion in just over a year from now.
The budget includes new spending for economic development, including several initiatives supporting additions or expansions to Peoria’s commercial and business sector. Funding is set aside for projects at BioScience Incubator, Maxwell Technologies and Trine University, as well as the addition of GE Avionics.
There also is money set aside to build a new parking structure in the P83 entertainment district, part of a mixed-use redevelopment of the parking lot west of the stadium.
The overall budget figure represents an 8.72 percent increase from the current fiscal year plan, which runs through June 30.
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