Frankfort Approves $49.8 Million Municipal Budget

Frankfort IL

22 April, 2021

1:56 PM

Description

FRANKFORT, IL — The Frankfort Village Board approved a $49.8 million municipal budget for fiscal year 2021-22 at its Monday meeting. The budget includes a grand total of $40,151,935 in revenues and $49,840,830 in expenditures, according to board documents. $24,338,030 is budgeted for capital projects and debt service payments, according to board documents. Some other highlights of the village's budget include: $19,530,000 in revenues and $17,340,300 in expenses for the general operating budget, $7,444,500 million in expenses for the capital fund, and $1,828,135 in revenues and $2,558,530 in expenses for the motor fuel tax fund. Board documents state that the largest budgeted expenditure in the capital fund is the street resurfacing program. Funds have also been budgeted for the potential Sauk Trail bike path. Expenses for the motor fuel tax fund include the Pfeiffer Road extension project. "Staff has held down budgeted costs and has used reasonable figures for revenues," Trustee Eugene Savaria, who is chair of the financial affairs committee, said. "This effort results in an operating budget wherein revenues exceed expenditures." "The board acknowledges its fiduciary duty to the taxpayers of Frankfort and is committed to continuing the village's long-standing practice of fiscal prudence as we continue to navigate the recovery of the pandemic during the months ahead," Mayor Jim Holland wrote in budget documents. The full budget document can be found online.