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Beloit district finance director reports typical May deficit, moves May financials to full board
Summary
Finance director presented month-ended May 31, 2025 financials showing typical timing-related deficit, fund-balance shifts, and revenue timing; committee voted to forward the report to the full board for consideration.
The Business Operations & Finance Committee reviewed the School District of Beloit’s month-ended financials for May 31, 2025 and voted to forward the May financial report to the full board for consideration.
At the committee meeting Missus Elwood, the district’s finance director, told members the net change for May showed a deficit “which is typical for school districts because revenues come in at certain months but expenditures typically run about the same every month.” She said interest income and a larger-than-usual personal property aid payment boosted May revenues, and that some Medicaid-related cost settlements are recorded to Fund 10 to avoid disturbing maintenance-of-effort calculations in Fund 27.
Elwood highlighted several monthly figures: approximately $55,000 in interest income; roughly $512,000 recorded as computer/personal property aid for May; and Medicaid billings that generated about $36,000 in Fund 27 with cost settlements posted to Fund 10. She said overall revenues for the district were at about 60% of budget for the year to date and that Fund 10 had received about 64% of its budget, noting that June typically brings large receipts and year-end journal entries that materially change those percentages.
On expenditures Elwood said salaries and benefits made up about 81% of the $4.5 million in May spending, while purchase services accounted for roughly 16.7%. She reminded the committee that year-end contract completions and other adjustments are posted in June and said that makes June expenditure totals appear inflated compared with prior months. Elwood also noted the prior fiscal year included a one-time $14 million debt payment that affected year-over-year comparisons.
Committee members asked follow-up questions about the OPEB trust interest rate, the accounts payable register (Elwood said it is available in the document library), and a $133,000 purchase order previously approved by the board for new line boards. After discussion, the committee voted to move the May financial report to the full board.
The committee secretary recorded the motion to advance the financials; the vote was announced in open session as in favor and the item will appear on the next full-board agenda.
