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Board closes public hearing on amended fiscal‑year 2024–25 budget; treasurer reports on CLIC insurance and cyber coverage
Summary
The board opened and closed a public hearing for the FY2024–25 amended budget with no public comments. The treasurer highlighted the upcoming tentative budget timeline, explained CLIC cooperative insurance and recommended a modest cybersecurity control purchase to secure a $5 million cyber policy.
The Lockport Township High School District 205 board opened a public hearing on the proposed amended budget for fiscal year 2024–25; no members of the public signed to speak and the hearing closed promptly.
In the treasurer’s report, district finance staff reviewed the budget process and encouraged board members to review the five‑year financial forecast ahead of the tentative budget presentation next month. Finance staff also provided information about the district’s cooperative liability insurance through CLIC. The treasurer said CLIC is widely used in the region, the district pays premiums into the cooperative and the cooperative manages claims to stabilize long‑run costs.
Finance staff highlighted that the district already carries $5 million in cyber insurance but must complete one additional, relatively low‑cost cybersecurity control to obtain the full policy benefit. The estimated cost for that control was described as about $11,000; the treasurer and board members recommended proceeding to implement the control to preserve the cyber coverage and reduce recovery risk in the event of a cyber incident.
The board also approved routine consent items and multiple minutes and financial reports in roll‑call votes recorded in the meeting minutes. The tentative budget timeline was discussed; board members agreed to coordinate a revised July meeting date so all members can receive the tentative budget presentation and provide feedback before the 30‑day public display period required for final budget adoption.
