Frankfort OKs $14.35M Budget For 2018-19 Fiscal Year

FRANKFORT, IL — With Frankfort's fiscal year set to begin May 1, the Village Board approved a balanced operating budget for 2018-19 during its meeting Monday. The board also signed off on the budgets to fund upcoming capital expenses, such as the village's $60 million, multi-year, waste water treatment plant consolidation.

Under the approved operating budget, the village will spend $14.35 million in the upcoming fiscal year. That's against projected revenues of $15.90 million, the village said in a statement Tuesday. For its the utility budget the village will spend $6.41 million and is expected to see revenues of $10.40 million.

While the operating budgets cover the day-to-day running of the village, the budgets for capital expenses help buy major pieces of equipment or fund extensive municipal projects that can take years to complete. The board-approved corporate — or village — captial expense budget totals $4.01 million, while the utilty capital expense budget is $25.19 million.

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"The budget continues Frankfort’s tradition of providing quality service coupled with conservative fiscal management," Mayor Jim Holland said in a statement.

One of the big village projects this fiscal year will be the continuing work surrounding Frankfort's waste water treatment plants. The project — which began in 2016 and is being financed thanks to increased sewer rate fees and a loan from the Illinois Environmental Protection Agency — will update treatment facilities to replace old equipment and stay current with regulations.

Additionally, operations will be consolidated to the village's regional plant in order to accomodate needs as the area grows. Frankfort's north and west plants will be closed because of this.

Photo by Joe Vince | Patch archive