PEORIA, Ill. — Peoria police and fire pension boards are asking the city council to raise property taxes.
In 2019 the fire department received $0.39 for every $100 of property Peorians own; for police, that number was $0.43. Peoria City Manager Patrick Urich says under that budget, the fire department brought in $8,961,479; the police department brought in $8,022,190.
The pension boards will ask the city to raise those numbers on Tuesday. Leaders there hope to bring $11,680,317 into the fire department and $12,741,607 to the police department. By the pension board’s math, that means increasing taxes by a combined $0.19 per $100 of property value.
Urich explains under current law, police, and fire pension funds have to be 90% funded by 2040. If the council approves the pension board’s proposals, a combined $4 million needs to be raised.
Urich says the approval would come down to bringing in the money by raising taxes or cutting $4 million from the budget proposal.
Council members will consider the proposal on Tuesday.