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Franklin receives clean audit; council reviews pension funding and a streetscape holdback
Summary
The village accepted an unmodified FY 2024–25 audit showing a $84,000 increase in the general fund and pension funding rising to 56%. Trustees asked staff to verify a $20,000 streetscape holdback before releasing payment to contractor ASI.
Franklin’s council acknowledged an unmodified audit for the fiscal year ending June 30, 2025, and heard staff and the auditor outline key budget trends and pension considerations.
Rena of PSLZ PLLC presented the audit and said taxable values increased 6.8% and state-shared revenues declined slightly. "You did receive an unmodified opinion, meaning no exceptions," Rena told the council, adding the village’s general fund rose by about $84,000 and the net pension liability was roughly flat for the year. Rena recommended considering periodic extra contributions to the pension plan — "at least a $100,000 a year" — to move funding well above the current 56% level.
The audit presentation also noted that the village paid down approximately $926,000 in principal on road debt, leaving about $7.7 million with the final payment now scheduled in 2032. Rena said the village’s investment income was a positive factor this year and that the 56% funding level represented an improvement from 54% the prior year.
During the treasurer’s report, Treasurer Teresa said December bills totaled $193,083.39 and that the village had sufficient funds to meet current obligations. Trustees then discussed an outstanding holdback on the streetscape project with contractor ASI. Staff said ASI previously claimed $60,000 but council contended $60,000 was not owed; an outstanding $20,000 holdback remained on file.
Trustees asked administration to verify the ASI punch list and confirm whether the contractor had submitted an invoice and completed the listed items before the village releases the $20,000. Staff said they had requested the invoice and punch-list information from ASI and would finalize payment once verification was complete.
What’s next: The council received and filed the audit; Rena encouraged the council to consider targeted pension contributions in future budgets and staff will return with documentation verifying completion of the streetscape punch list before any payment is released.
