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Beloit leaders debate cuts after finance report; board stops proposed layoffs
Summary
Finance staff presented March financials and long-term debt options; administration said proposed staffing reductions were needed to reach a balanced budget but the full board voted not to approve the set of recommended economic layoffs and related actions.
At a May 20 meeting of the School District of Beloit, finance presenter Stephanie Elwood reviewed the district’s March financial activity and fund balances as the board and administration continued to wrestle with steps to close the district’s projected deficit.
Elwood highlighted three cash items she said shaped March results: “the investment that we had of $6,000,000 did mature, and the interest on that investment was 51 a little over $51,000,” she told the committee, and a short‑term investment “just under 4,000,000” that is expected to mature after June 30. Elwood also told the committee March included a large state aid payment: “the very large payment of $17,000,000 revenue that we received in March is the per pupil aid.” She said the district’s Fund 39 (referendum debt…
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