T
finance capital projects. Significant funding is generated through local taxes, user charges, development fees and intergovernmental grants.  Roughly nine percent of the revenues in the FY 2008 - 2017 plan are generated through bonds backed by utility system charges, twenty-six percent from development impact fees, fourteen percent will be generated by transportation sales tax collections and thirty percent will come from General Obligation bonds supported by the City’s secondary property tax levy.  General Obligation (GO) Bonds require voter approval and are backed by the taxing authority of the City.   These bonds are generally used to finance projects with strong public support and which do not themselves produce revenues.  Arizona law limits the amount of GO Bonds the City can have outstanding based on the assessed valuation of the property located within the City limits. All projects funded with general obligation bonds or revenue bonds can only be undertaken after voter approval through a citywide election.   The following graph illustrates the planned funding sources for the ten–year capital improvement program.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 Assessed Valuation 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
P
experienced extensive growth and a strong economic climate, resulting in rising property values.  The city projects that over the next five years the assess valuation for the city will rise, but at a slower rate than previous projections.  With the projected increase in assessed valuation the city will be able to generate additional property tax revenue.  The citizens of Peoria play a major role in bringing about public improvements.  Citizens must approve any project that requires general obligation or revenue bond funding.  On May 17, 2005, Peoria citizens authorized the issuance of bond financing totaling $282 million to pay for capital projects.  Below is a graph showing the remaining voter authorization on projects approved by the citizens.   
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 $150,000,000
 
 
 
 
 
 
 
 
F
recreational facilities projects is limited to 20% of the assessed valuation.  Financing for all other projects, such as street and traffic facilities and municipal buildings is limited to 6% of the assessed valuation.  The chart above illustrates available bonding capacity, based on the assessed valuation shown on the previous page, less any current capacity obligated in the city’s capital improvement plan.