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player ready...Frankfort trustees approved a balanced $13.6 million budget Monday that is expected to generate a $1.65 million surplus to pay for future projects.
The spending plan, which takes effect at the May 1 start of Illinois’ municipal budget cycle, was touted as a continuation of the village’s fiscal conservatism.
“We plan to spend less money next year than the taxpayers let us,” Mayor Jim Holland said. “That’s our plan. Let’s stick with that.”
The Village Board closed out the current fiscal year by transferring a $1.65 million surplus toward future infrastructure projects. That’s up from a $1.3 million transfer a year ago.
Frankfort has no bond debt, though the accompanying water utility budget trustees approved Monday bankrolls the start of a $60 million multiyear plan to modernize the village sewage treatment system to meet tightening environmental regulations.
“It will be the largest capital project in village history,” Trustee Cindy Heath said. “The project is going to extend forward many years.”
The water utility budget covers $18.5 million in capital expenses. Of that, $14 million is tied to projects being financed by a state-administered U.S. Environmental Protection Agency loan that carries a 1.86 percent interest rate over 20 years.
Trustees raised sewer rates by about 10 percent this year to finance the debt and have indicated future rate hikes could be necessary as the project progresses.
The plan eventually will shut down the west treatment plant built in 1959 on Colorado Street in the Connecticut Hills subdivision, and the north plant built in 1970 in Frankfort Square. The newer regional plant, near Lincoln-Way East High School, will be expanded and modernized.
Even with the loan, trustees expect water utility revenue to exceed operating expenses by about $2.2 million, with a $2 million transfer toward future capital projects anticipated next year. An identical $2 million transfer to the utility capital fund was approved Monday night to close out the expiring budget.
Trustees also OK’d the village’s $400,000 annual street maintenance program. It covers patching and other repairs as well as the compete resurfacing of Jasmine and Clary Sage drives, which together account for about a half-mile of pavement just northeast of the intersection of Laraway and Owens roads.
Patrick Guinane is a freelance reporter for the Daily Southtown.