PEORIA, Ill. (WMBD) — Parking rates in Downtown Peoria will not go up just yet.

The city manager and the Peoria Public Works Department proposed a rate increase that would go into effect on Jan. 1, 2023.

However, Peoria City Council unanimously voted to defer the discussion of parking rates until a parking study is completed.

“Which we’re going to undertake at the first part of the year to look at our on-street parking rates and our rates at our decks. And once we have that study back, we’ll make a determination on where the parking rates are heading,” said City Manager Patrick Urich.

Urich expects the parking study to be completed within the first half of 2023.

If approved, people can see increases ranging from $5 to $10 for their monthly rates. The price for event parking will double from $5 to $10. And instead of being charged $1 per hour during the day, parking will be $1 per every half hour.

Also, the city council approved the 2023 revised annual budget.

The vote passed five to three with one abstention. Councilmembers Dennis Cyr, John Kelly and Zachary Oyler voted no and Councilmember Sid Ruckriegel chose to abstain stating a conflict of interest.

“Here we are, swimming in money, relatively speaking, and we seem to have to spend all of it. Which puts us in a very difficult position when this money dries up,” said Council member John Kelly.

Mayor Rita Ali thanked the council for the hard discussions and their due diligence throughout the process. She said in her three years of being on the council, there hasn’t been a surplus in the budget before.

“To say that we are spending this recklessly would be an unfair characterization. I think there’s been a lot of due diligence done through this and the end product is something our citizens will be pleased with,” said Council member Tim Riggenbach.

Expenses for the fiscal year 2023 are recommended at $265,343,229. It’s an increase of 9.6% from the 2023 adopted budget.