The city of Peoria is looking at a grim combination of cuts and short-term borrowing to stay financially afloat during the COVID-19 crisis. Peoria County administrator Scott Sorrel said the situation's different at his level.
"The hit to our revenues are going to be much less, and we've got greater fund balances than the city does, so we're going to be able to absorb some things," he said.
Sorrel said the county will need to figure out which services to cut due to decreased revenues, but he said it's too early to make those decisions right now. The county passed a balanced $133 million budget last fall.
The city of Peoria is anticipating a need for $31.5 million in borrowing and cuts in the coming weeks due to plummeting tax revenues and fees. The city passed a balanced $218 million budget for this year.
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