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Beloit School District reviews monthly finances, approves up-to-$4M line-of-credit to smooth summer cash flow
Summary
At its June 3 meeting the School District of Beloit received a monthly financial report, heard that Moody's downgraded the district's bond rating from A1 to A2, and the board approved a motion allowing a line-of-credit disbursement not to exceed $4 million to cover anticipated cash-flow needs between July 1 and Oct. 31, 2025.
The School District of Beloit Board of Education received its monthly financial statements for the month ended April 30, 2025, and approved a contingency measure to use up to $4 million of an existing bank line of credit to support anticipated summer cash-flow needs.
Finance presenter Miss Wood opened the discussion, telling the committee, "Tonight I'll be presenting the financial statements for the month ended 04/30/2025." She reviewed account structures, noting a general fund checking account and a separate ICS "shadow" account at First…
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