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Beloit School District reports typical May deficit, highlights June revenue timing and one-year fund balance increase
Summary
District finance staff presented May 2025 financials showing a customary monthly deficit, larger-than-expected May revenues (including $512,000 in personal property aid), and a fund-balance increase versus last year; board moved the financials to the full board for approval.
The School District of Beloit’s finance staff presented the month-ended financial report for 05/31/2025, showing a net deficit for May that officials described as typical for school districts because revenues concentrate in certain months while expenditures run more evenly.
The report “shows that there are net change for the month as a deficit which is typical for school districts,” said staff member Missus Ellwood during the committee meeting. She told the committee that district cash and investments were largely stable, and singled out several revenue items received in May, including $55,000 in interest and a $512,000 payment listed as computer aid that also included personal property aid.
Why it matters: The district is finishing a fiscal year with recognized timing effects. Ellwood emphasized that many revenues are recorded in June or after, so May percentages understate final-year totals. “Only 64% [of fund 10 budget] has been received,” she said, adding that overall district revenue was at about 60% as of the May report. The board also heard that a large $14 million debt payment in fiscal 23–24 explained differences versus last year’s May figures.
On expenditures, Ellwood said salaries and benefits accounted for about 81% of the $4.5 million spent in May, with purchase services (utilities, transportation, contract teachers, cleaning) representing most remaining costs. She cautioned that June typically inflates expenditures because of contract completions, aid payment adjustments, and other year-end journal entries.
Board action and next steps: Vice President Brian Nichols moved, and the committee approved, sending the May financials to the full Board of Education for consideration; the committee vote was recorded as carried. No changes to budget lines or policy were made at the committee meeting; board members asked for follow-up projections for June and confirmation that the accounts-payable register remains available in BoardDocs.
The presentation included a purchase order remark that a $133,000 board-approved purchase for new line boards appears on the purchase-order report. Finance staff said they will circulate year-end projections after contract completion and outstanding journal entries are processed.
