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Franklin accepts FY 2024–25 audit showing improved fund balance; pension funding at 56%
Summary
Auditor Rena presented an unmodified opinion for the fiscal year ending June 30, 2025, noting a $84,000 increase in general fund balance to $1.3 million, a 6.8% rise in taxable value and a pension funding ratio increase to 56%; council received the audit.
The Village of Franklin received and acknowledged its annual audit for the fiscal year ended June 30, 2025, during the Jan. 12 council meeting. Auditor Rena (PSLZ PLLC) delivered an unmodified opinion, reporting no exceptions and highlighting several fiscal indicators.
Key figures: taxable values increased about 6.8% year over year; the village recorded a net increase in the general fund balance of approximately $84,000 (ending fund balance $1.3 million); principal paid on road debt totaled about $926,000 leaving approximately $7.7 million outstanding; and net pension liability decreased modestly while the pension plan’s funded ratio rose from 54% to 56%.
The auditor explained state shared revenue remained flat and recommended that council consider continuing or adding targeted contributions to the pension plan to improve the funding percentage. She suggested, as one possible approach, an annual supplemental contribution in the order of $100,000 to noticeably move the funded ratio over several years, contingent on budget capacity and investment returns.
Council voted to receive and file the audit. Trustees asked for a trend report on pension funding and further analysis to inform the upcoming budget cycle. Staff said they will prepare additional pension trend data and explore options for contributions and other budgetary choices before the budget drafting deadline.
