Frankfort Village Board Approves 2022-2023 Budget
Highlighted by increased investments in the infrastructure of the community
FRANKFORT, IL – (APRIL 20, 2022) Mayor Keith Ogle and the Board of Trustees approved the Fiscal Year 2022-2023 budget which will begin on May 1st. “I’m pleased our board continues to be fiscally conservative when it comes to spending allowing us to provide exceptional services without raising taxes at a time of unprecedented inflation,” explained Ogle.
Part of the revenue in the budget is funded by property taxes. Over the last 32 consecutive years, including this year, the Village Board has lowered the Village’s tax rate. Ogle credits the Village Administration and Board for continuing to budget conservatively which has resulted in the Village’s portion of your property tax bill being less than 5% of a homeowner’s total property tax bill. The remaining 95% goes to other local taxing bodies and the amounts are determined by the assessed value of your property.
“For the amount homeowners pay to the Village and for all the services Frankfort has to offer, we are still the best value in the region,” Ogle added.
The $18,387,100 Corporate budget represents a $1,096,800 increase from last year’s budget and includes capital funding for much needed road resurfacing, updated software, and construction of the Pfeiffer Road extension. The budget is used to represent the revenues and expenditures of the Village for operations and capital projects during the fiscal year, as well as long range planning. Some of this year’s budget’s capital highlights include:
- $7 million for the street resurfacing program - an increase from $4 million last year and from $3 million the year before;
- $300,000 for upgrading the Village’s Enterprise Resource Planning software (ERP) which includes new finance and permitting software;
- $3,900,000 for construction of the Pfeiffer Road extension from Rt. 30 to Colorado Avenue;
“The increase in street resurfacing funds is made possible because of the Village’s non-home rule sales tax revenues. By investing in our infrastructure now, we will ultimately save money from the roads further deteriorating and costing more to repair them,” added Ogle.
Also part of this year’s budget was funding of $21,739,500 to operate and improve the Village’s water and sewer system, including wastewater treatment plants, wells, water towers and iron filtration facilities. Some of highlights include:
- $4,500,000 for the new Elsner Tower well and iron removal facility;
- Funding for replacement of aged and deteriorated water mains, lead service line replacements and sewer system improvements.
“Investing today in the infrastructure of our community, provides the backbone for a stronger community in the future” Ogle concluded.