The Board of Education recognizes that sound fiscal policy is the foundation support of the total school program. Money management is the key to deriving maximum educational benefits from the dollars received. To achieve this end, the Board recommends the implementation of a goals-based budget structure for the development of a budget that will be allocated based on mission and strategic plan for the greatest educational return.
Budget development timetables and guidelines are developed by administration and reviewed with the Board of Education for development of the budget by district staff.Individual administrators use a zero based budget philosophy to develop their budget within their area of responsibility in coordination with the Director of Finance. Budget oversight is provided by the Executive Director of Business, under the direction of the Superintendent and major budget items and staffing recommendations are reviewed and approved by the Superintendent and Executive Team.
The School District of Beloit starts its fiscal year on July 1, however, the annual budget is not officially adopted until October of each year, because the major factors that impact the budget development (i.e. revenue limit calculation, final equalization aid, equalized property values and student enrollment) are not available until October of each year.