Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Board Business topic
No spam. Unsubscribe anytime.
Beloit board approves financial report, authorized agent resolution and ad hoc budget committee; records other routine business
Summary
At its Dec. 17 regular meeting the Beloit School Board approved the October 2024 financial statements, updated an authorized‑agent resolution for investment accounts, and established an ad hoc finance/budget committee charged to assist with 2025 referendum and the 2025–26 budget; the board also approved routine consent and HR items.
The Beloit School Board on Dec. 17 approved a slate of routine business items, reviewed financial reports and set up an ad hoc finance and budget committee to support 2025 referendum planning and the 2025–26 budget process.
Bob Chady, interim business manager, presented the October 2024 monthly financial report. He told the board revenues for October were about $800,000 while expenditures were about $5.7 million, noting that the timing of state aid and property tax receipts produces predictable cash‑flow swings. Chady said the district had 20 days of cash on hand at the end of October (down from 42 at the end of September) and that careful timing of payables allowed the district to avoid drawing on a short‑term credit line before a large state aid payment arrived in early December.
The board voted unanimously to approve the October 2024 monthly financial statements as presented.
The board also approved a resolution authorizing American Deposit Management (ADM) of Pewaukee as an authorized agent for district funds and updated the list of district employees authorized to transact with ADM; the motion passed unanimously. The resolution updates access after prior authorized users left district employment and allows the business office to use ADM if competitive investment offers arise.
In response to board direction, the board established an ad hoc finance/budget committee focused on budget and referendum planning through Oct. 31, 2025. The charge includes developing a 2025–26 budget that reflects possible cuts if a referendum is not successful, exploring revenue options and long‑range financial planning. The motion passed unanimously.
Under consent agenda and HR items the board approved standard monthly personnel actions and the consent minutes (with one board member abstaining from approval of earlier meeting minutes because of absence). The board approved a resolution to update signers for district investment accounts. The board also approved an additional compensation stipend for a principal who covered assistant‑principal duties while a vacancy existed (motion carried 5–1).
Separately (covered in another article), a motion to extend the board’s consultant contract with Dr. Kim Earhart through June 30, 2025 failed on a 3–3 roll‑call vote.
