Frankfort’s Annual Financial Report Presented

Frankfort Village Board heard the comprehensive annual financial report prepared by Village Administrator Robert Piscia and Finance Director Jenni Booth at their Monday, October 17, meeting. In it, the officials state Frankfort remains in a strong financial position, as evidenced by an excellent performance of the village’s largest revenue sources, including the recently enacted home rule sales tax, property tax collections that increased because of an improving labor market, and increased corporate income, and water and sewer receipts increasing due to more people working from home. The officials say these enhanced revenues will support future capital needs in Frankfort, including street resurfacing and sewer infrastructure projects.

The Frankfort annual financial statement also indicates village expenditures for the previous year were under budget. An area of concern is the effect inflation and supply chain problems are creating for the budgeting process. Those factors also have forced Frankfort to delay vehicle purchases, but Piscia and Booth conclude Frankfort is entering 2023 on a sound financial basis. They stated the village expects to continue to increase General Fund Revenues above expenditures, allowing for continued growth of the capital fund for future projects.