Frankfort Square Park District Adopts Budget and Appropriation Ordinance, Updates Financial Policy

The Frankfort Square Park District Board of Commissioners formally adopted its Budget and Appropriation Ordinance for the 2025-2026 fiscal year on Thursday, finalizing the district’s legal spending authority for the year. The board also approved an updated Fund Balance Policy to guide its long-term financial strategies.

The ordinance was approved unanimously by the six board members present—Lauren Breedlove, Phil Cherry, Frank Florentine, Joseph King, President Craig Maksymiak, and Denis Moore—following a public hearing where no members of the public offered comment. Commissioner Ryan Holley was absent.

The adopted ordinance is a critical annual requirement that must be filed with the Will and Cook County Clerk Offices during the first quarter of the fiscal year. Executive Director Audrey Marcquenski explained that the ordinance appropriates funds based on the previously approved operating budget, giving the district spending flexibility.

“Line item expenses, from the Operating Budget, are appropriated to give the District flexibility to cover unforeseen expenses with 10%-15% over general line items and health insurance, while debt service and grant items are equal to the budget numbers,” Marcquenski reported.

The public hearing and ordinance were publicly noticed in the June 4 edition of the Daily Southtown.

Marcquenski noted that adopting the ordinance is the first step in the annual process that enables the park district to levy taxes in December. She confirmed that the district will again utilize a “balloon levy” strategy.

“As in previous years, the District again will balloon levy in an effort to capture new growth,” she stated in her executive report. “The Park District has no authority to raise taxes but inflates the Tax Levy Ordinance to ensure it receives the value of tax distributions.”

In a related financial matter, the board unanimously approved a resolution to adopt an updated Fund Balance Policy. The policy, first approved in 2019, establishes targets for the district’s financial reserves to provide stability, ensure sufficient cash flow for operations, and support long-term infrastructure plans. The updated policy sets a goal to maintain an unassigned fund balance of no less than 9% of operating expenditures in its governmental and enterprise funds, which include the Corporate, Recreation, and Golf Course funds.

The board also accepted the May Treasurer’s Report, which is pending audit. As part of its routine business, the board approved the Accounts Payable listing.