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School District of Beloit Interim Superintendent Address Fiscal Crisis

In an update from The School District of Beloit Interim Superintendent, Wayne Anderson, he has shared his perspective on the upcoming district budget. In a letter to the district, he says that the District is in a fiscal crisis.

The 2022-2023 budget will require a withdrawal of $6 million from the District's Fund Equity account to balance this budget. The 2021-2022 budget required the District to withdraw approximately $6.25 million to balance the budget after allocating additional ESSER funds to reduce the shortfall.

At the completion of the 2022-2023 budget, the District will have $8 million to $8.5 million left in Fund Equity. Fund Equity is similar to a saving account, where money not spent during a specific budget year can be put aside to help fund one-time projects or make up for any loss of revenue or unexpected expenses a district may have during an unusual budget year.

Anderson says a balanced budget will create a situation where the District will not have to rely on Fund Equity to cover any shortfalls and can provide additional opportunities for the amount in the Fund Equity account to remain the same or possibly to grow.

Moving forward, Anderson gave a few different options:

1. Start the budget discussions for the 2023-2024 budget in October.

2. Try to reverse the trend of student loss.

3. Plan an operational referendum.

To read the full letter, see the attachment below:

SDB Budget
Download PDF • 216KB

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