It is the intent of The Frankfort Fire Protection District to give the public a detailed look at the inner workings of the District. The documents listed in this section are documents that are required by law to be made available to the public. (All personal data, such as social security numbers, telephones, etc., are redacted or removed per state privacy laws.) Salaries are negotiated by the unions and are paid using taxpayer dollars. They are all public records mandated to be released. Doing so gives the public an accurate perspective on how the District money is spent and strengthens confidence in the conduct of government agencies. It helps prevent false public perceptions.
The budget is an annual financial statement that presents the Distict's proposed revenues and expenditures for the upcoming financial year. It is District policy to pass a balanced budget. The District's fiscal year runs from June 1 through May 31 of each year, however the preparation of the budget begins months prior to June 1st date.
Preliminary budgeting process begins in January within the District.
The tentative budget is presented to Board of Trustees in April.
The Tentative budget is then available for public review.
In May a Public hearing is held during a Board of Trustees meeting.
The Board then votes on a Budget and Appropriations Ordinance
Once approved, a signed copy of the ordinance is filed with the Will County Clerk.
The budget is then published in a local paper within 30 days of adoption.
Once the fiscal year has ended, the District has an audit performed by an independent, certified public accounting firm. The results of which are presented to the Board of Trustees for reiew. This typically occurs at the September Board meeting.
Comprehensive Annual Financial Report
The Comprehensive Annual Financial Report (CAFR) is the official annual report which details the financial position of the District and results of operations during the fiscal year. The CAFR is prepared in conformity with Generally Accepted Accounting Principles (GAAP), which are a common set of accounting principles, standards and procedures that entities use to compile their financial statements.
Certificate of Achvievement for Excellence in Financial Reporting
The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program (CAFR Program) in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.
The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, IL, and Washington D.C.
The Frankfort Fire Protection District has been awarded the Certificate of Acvievement for Excellence in Financial Reporting annually since 2011.
Once the fiscal year has ended, the District has an audit performed by an independent, certified public accounting firm. Those results are presented to the Board of Trustees, usually at the October meeting.
Public Act 97-0609
On August 26, 2011, Governor Pat Quinn signed Senate Bill 1831 (Public Act 97-0609). This law makes several changes to the Illinois Municipal Retirement Fund (IMRF) statute and amends the Open Meetings Act.
Effective January 1, 2012, within 6 days of approving its budget, an IMRF employer must post the total compensation package for each employee receiving a total compensation package that exceeds $75,000 a year. At least 6 days before an IMRF employer approves an employee's total compensation package that will equal or exceed $150,000 a year, the employer must post the total compensation package for that employee.
For this statute, "total compensation package" means payment by the employer to the employee for salary, health insurance, a housing allowance, a vehicle allowance, a clothing allowance, bonuses, loans, vacation days granted and sick days granted.