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Peru treasurer explains proposed operating budget

Posted by wlpo on April 11, 2011

Take a glance at the proposed operating budget for Peru and you’ll probably come up with more questions than answers.  The Fiscal Year 2012 budget is two weeks away from being approved.  Treasurer Gary Hylla gave city officials a rundown of expected cash flow and fund balances Monday night.

Hylla says a $1.3 million budget deficit isn’t what it seems.  He says the new accounting system includes depreciation of city property, which is driving up expense figures even though it’s not money the city is paying out.  He’s also budgeted to pay the full minimum contributions for pensions funds.

As for revenue, Hylla says he tried to be conservative when estimating sales tax revenue.  He expects the city to receive $999,000 in property tax payments this year.  While gross EAV was down, EAV after the exemptions and TIF districts increased over the previous year.

A budget hearing will be held April 25 prior to the city council meeting.  You can see a copy of the proposed budget by going to Peru’s Website.

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