Frankfort Earns Clean Audit, Receives National Finance Award for 35th Consecutive Year

Village of Frankfort Board Meeting | October 20, 2025

Article Summary: The Village of Frankfort has received an unmodified “clean” opinion on its annual audit for the fiscal year ending April 30, 2025, and has been awarded the Certificate of Achievement for Excellence in Financial Reporting for the 35th straight year. The award, from the Government Finance Officers Association, recognizes the village’s commitment to financial transparency and high reporting standards.

Frankfort Financial Report Key Points:

• The village’s independent auditor, Lauterbach & Amen, LLP, issued an unmodified “clean” opinion on its Fiscal Year 2025 financial statements.

• For the 35th consecutive year, Frankfort received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association.

• The annual report provides a detailed overview of the village’s financial health, demonstrating transparency and accountability to the public.

• The Village Board formally accepted the Annual Comprehensive Financial Report during its meeting.

The Village of Frankfort on Monday, October 20, 2025, formally accepted its Annual Comprehensive Financial Report, which earned a clean audit opinion and a prestigious national award for transparency for the 35th consecutive year.

Trustee Eugene Savaria presented the report, which covers the fiscal year that ended on April 30, 2025. The independent audit was conducted by the certified public accounting firm Lauterbach & Amen, LLP, which issued an unmodified, or “clean,” opinion on the village’s financial statements. A clean opinion signifies that the financial statements are presented fairly and are free of material misstatements.

In addition to the positive audit, the village was once again awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA). This marks the 35th straight year Frankfort has received the honor, which the GFOA describes as its highest form of recognition in governmental accounting and financial reporting.

“The village is required to publish audited financial statements within six months of the close of each fiscal year,” Savaria explained. “The report includes financial statements presented in conformity with generally accepted accounting principles and serves to provide transparency and accountability to the public, assist corporate authorities in assessing the village’s financial health, and demonstrate compliance with financial reporting standards.”

The comprehensive report, prepared by village staff, is a key mechanism for communicating Frankfort’s financial status to its residents. According to a village memo, the report is a culmination of the past year’s financial activity. At a Committee of the Whole meeting on October 8, an auditor representative presented the findings to village officials.

Trustee Michael Leddin praised the administration for the accomplishment. “I would just like to thank our director of finance, the village administration, everyone who worked so hard in completing that audit,” Leddin said. “Another fine year, they should be very proud.”

The Village Board voted unanimously to accept the report as part of its consent agenda.