Budget news from Peoria County:

Peoria County Administration has released its recommended 2007 Peoria County budget. The 2007 budget of $110.5 million is an increase of 6.2% over 2006. Much of this difference is attributed to twenty new funds in an effort to increase the financial transparency between the annual budget and the Comprehensive Annual Financial Report; previously only those funds the County Board had control over were budgeted. Some of the new funds are: emergency telephone system; hazard mitigation assistance; public transportation; Family Violence Coordinating Council; and the World War Memorial capital project.

The estimated property tax rate sees a minimal decrease of less than 1% from May 2006 tax bills. Peoria County Administrator Patrick Urich explains the rationale for the lower tax rate, “Other revenue sources have continued to strengthen, and concerns over the housing market afford the County the opportunity to marginally reduce property tax rates.” Stronger sources of revenue include a 5% increase in income tax and a 3.5% increase in sales tax; licenses, permits, and charges for services are expected to increase approximately 9.4%.

So, the budget is expected to go up 6.2%, but our tax rate will go slightly down (less than 1%). It’s always nice to see a tax rate go down, regardless of how small that decrease may be.