đź“Ł RCF, along with the Greater Beloit Chamber of Commerce and Greater Beloit Economic Development Corporation are sponsoring this year's Beloit School Board forum. We have come together to host this important forum because we believe a thriving community requires strong education. Everyone benefits - students, educators, local businesses and the greater community.
We hope you can join us for this important conversation! Building a stronger Beloit, together!
The Rock County First Political Fund (RCFPF), a non-partisan, non-profit organization in Rock County is pleased to announce its list of endorsed local candidates for the Spring election. Please note: all Beloit School Board endorsements will be announced on March 20th, after our Beloit School Board forum. Find information on the forum and all related updates HERE. This will be a forum like none prior. It will; 1) focus only on the top challenges facing the district and, 2) what specific, solution-oriented ideas the candidates propose. The format will allow the candidates to make their final arguments prior to early voting on March 24th, and election day on April 7th. It is intended to help voters make a more informed decision on whom to vote for.
Let me explain this as simply as I can. See if you can follow this tiny government example.
Your government receives $1000 in taxes each year and has $1000 in expenses. Taxes are predictable and stable. Then, your governing board decides that an item is needed that is outside the budget. Rules prevent them from raising taxes. They could “tighten their belt” and find areas to cut to accommodate the new expense. But instead, they decide it would be easier to borrow $100 for 10 years at a 5% interest rate. Even at simple interest rates, this means that the cost of the money borrowed is $5.00 that first year. The government must increase their expenses by $5.00 that year to cover the interest.
With principal repayment, the government has now created a deficit of $15. They can either hope the rules allow them to raise taxes to balance the budget, or they may have to borrow again to cover the difference.
This example can be expanded by moving the decimal point. A $10,000,000 budget and $1,000,000 in borrowing in the same example brings a burden of $150,000 per year.
