Finance committee reviews February monthly financials; administration to run budget projections and return with revisions

The Beloit School District Business Operations and Finance Committee reviewed the district’s monthly financial reports (as of February 2025) on April 1 and voted to refer the financial reporting packet to the full board.

Finance staff (identified in the meeting as Miss Elwood) presented highlights: a PMA investment matured in March and produced $51,000 in interest (reported in March, not in February results); the district plans to reinvest about $4,000,000 through June, expected to generate roughly $40,000 in additional interest, administration said. The presentation noted that most district revenue arrives in the form of state equalization aid, which is distributed in September, December, March and June, and that the March equalization-aid deposit will materially change next month’s revenue totals.

Miss Elwood presented year-over-year budget comparisons: Fund 10 revenues were about 36% of budget this year compared with 37% last year; overall expenditures across funds were roughly 38% of budget this year vs. 39% last year; salaries were about 53% of budget this year vs. 52% at the same point last year. The presenter said fund-balance levels showed no major concerns in February but cautioned that health-insurance claim volatility and teacher payroll timing could change year-end results.

Committee members asked several clarifying questions. One trustee asked about an OPEB trust held at Associated Bank; finance staff said that account did not show a standing rate in the report but had been earning interest and that the current return compares favorably when reviewed against other holdings. Trustees pressed administration for a projection of year-end budget position; Miss Elwood said she plans to run multi-month projections and bring budget revisions to the board in May, and the district also plans a presentation on debt.

The committee then voted to move the financial reporting packet to the full board for consideration. The committee vote was recorded as unanimous among present committee members; the committee had earlier approved the agenda and minutes following roll call. Committee discussion noted continuing concerns about lingering open teaching positions (the presenter cited roughly 28–30 open positions at one point in the discussion), possible savings from unfilled positions, and the need to monitor high-cost health claims for the remainder of the fiscal year.

Next steps: administration will produce projections and draft budget revisions, present a debt overview to the board as requested, and return the revised financial package to the full board.