The city of Peoria is facing major deficits financially as it tries to climb its way through the financial drought brought upon by the coronavirus pandemic. Restaurants, hotels, and many more businesses are affected by the loss of income and revenue fueled by the economy. Restaurants and hotel tax revenues are facing up to a 64 percent shortfall while tax revenues are at an all-time low as the city faces 32 million dollars in cuts to fill the gap. With the economy at a standstill worldwide and many people out of work, the financial standing of Peoria is struggling.
The deficit, according to Patrick Urich of the Peoria City Council, includes capital projects including road repairs and the opening of a new hotel. Urich states, “The city had a balanced budget two months ago…and now, that’s not happening.” Urich says the basic plan was to possibly defer or not use $27 million in projects this year. However that would still leave $31.5 million in the deficit. There is no word yet about how much if any support is coming to the city from the federal government, but the council does state that mass layoffs of those in businesses that are deemed non-essential by government guidelines is something that the city can’t handle.
For economic recovery information and resources please visit data.greaterpeoria.us.