Frankfort Library Board Approves FY 2025-26 Budget, Transfers $300,000 to Reserve Fund

Article Summary: The Frankfort Public Library District Board of Trustees formally adopted its Budget and Appropriation Ordinance for the 2025-2026 fiscal year and approved a $300,000 transfer from the General Fund to the Special Reserve Fund to bolster the library’s long-term financial health for capital projects.

Frankfort Public Library District Key Points:

• The board unanimously approved the budget and appropriation ordinance for the 2025-2026 fiscal year following a public hearing.

• Trustees also approved transferring $300,000 in surplus funds to the Special Reserve Fund, which is restricted for building maintenance and capital projects.

• The transfer moves the library closer to its goal of holding 30% of its annual budget in unrestricted net assets; the current level is 21%.

• An additional $70,000 in surplus from fiscal year 2024-25 will remain in unallocated funds for emergency use.

The Frankfort Public Library District Board of Trustees on Thursday, August 28, 2025, took major steps to solidify the library’s financial future, unanimously approving the budget for the 2025-2026 fiscal year and authorizing a $300,000 transfer of surplus funds into its Special Reserve Fund.

The actions followed a brief public hearing on the budget, where no members of the public offered comment. During the regular meeting, the board formally adopted the Budget and Appropriation Ordinance. According to the meeting minutes, trustees reviewed literature prepared by the Finance Committee that explained the workings of the budget and levy cycle before the vote.

Immediately preceding the budget approval, the board voted to transfer $300,000 from the General Fund to the Special Reserve Fund, effective June 30, 2025. This move is part of a strategic effort to build a financial cushion for future needs. Funds moved into the Special Reserve are restricted and can only be used for building maintenance and capital projects.

The transfer helps the library advance toward its goal of having unrestricted net assets equal to 30% of its annual budget. Currently, that level is at 21%. An additional $70,000 surplus from the 2024-2025 fiscal year will be kept in unallocated funds, where it remains unrestricted and available for any emergency funding needs.

The motion to make the transfer was made by Trustee Stenoish and seconded by Trustee Miner. It passed in a roll-call vote.

The board’s Finance Committee, which met on August 19, discussed the draft levy, the budget cycle, and the reserve fund transfer. Barring any urgent fiscal issues, the committee plans to meet again in October to review the annual audit before it is presented to the full board.

The votes on the transfer and the budget were unanimous, with Trustees Look, Miner, Faris, Evenhouse, Stenoish, and Otway voting “aye.” Trustee Meszaros was absent.