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Beloit district finance director briefs committee on January results, committee advances report to full board
Summary
District finance staff reviewed the month-ended Jan. 31, 2025 financial report, citing timing of revenue receipts, a large purchase order for a roofing project and three payrolls in January as reasons expenditures appeared higher; the Business Operations & Finance Committee voted to forward the report to the full board for approval.
Stephanie Elwood presented the School District of Beloit’s financial activity report for the month ended Jan. 31, 2025, telling the Business Operations and Finance Committee that revenue timing and one-time items explained the gap between revenues and expenditures for January.
Elwood said district major revenues arrive in September, December, March and June, and that property taxes are coded to debt service in January. She pointed to a one-time TID payment in the previous year, the end of ESSER funds recorded in 2024 and reduced interest income tied to lower cash on hand as reasons revenues for January appeared low compared with some prior periods.
“Revenues compared to last year we’re pretty close — 32% this year and 30% last year,” Elwood said, and added that on the expenditures side January included three payrolls this year versus two last year and a $1,000,000 purchase order for the Aldridge roofing project, which will be billed across two fiscal years.
Elwood said total expenditures are very close to last year on a year-to-date basis and that the district’s cash and investments report now includes a $6,000,000 PMA investment. Committee members asked about projections and whether anything unusual was on the horizon; Elwood said scheduled debt payments for March were already reflected and that the district would begin projecting year‑end salary and benefit costs in the coming months.
After committee discussion, Board Member Brian Nichols moved and Greg Schneider seconded that the January financials be moved to the full board for approval; the committee approved the motion by voice vote.
The committee’s action was placed on the board’s consent agenda later in the evening; the full board approved the January financials in that consent vote.
