Peoria faces budget deficit for 2014 and 2015
PEORIA — City leaders in Peoria say the central Illinois community will likely face a multimillion budget deficit during the next two years and they hope to spend the next several months working to address the problem.
City Manager Patrick Urich says the 2014 deficit is expected to be $3.1 million, a figure that will likely grow to $3.6 million in 2015.
He blames the problems on slow economic growth, rising health insurance costs and increases in the city’s pension obligations.
The city council passed a balance budget last year after years of deficits. Authorities say they’ll spend the next several months working to balance the upcoming budget.
Authorities hope to have a budget approved by late October.
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