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Board approves insurance renewal and fund transfers to prepare for capital needs
Summary
Fremont City Schools approved a change to a pooled property and fleet insurance program, adopted permanent appropriations and approved fund-to-fund transfers including $4'4.5 million to capital projects and a $426,657.02 interest transfer to the building project account.
The Fremont City Schools Board of Education approved the district's property, fleet and liability insurance renewal through a pooled consortium and authorized several year-end fund transfers intended to shore up capital and severance reserves.
In a finance report the treasurer described market-driven increases in insurance costs and said the district will move to a pool (identified in discussion as SORSA) that offers lower deductibles and higher per-incident caps compared with the district's other renewal option. The board approved the insurance purchase for fiscal year 2026 by roll call.
Nut graf: The board's fiscal approvals include insurance coverage changes intended to reduce deductible exposure for property and wind/hail events, permanent appropriations for fiscal 2026 tied to current-year expenditures, and transfers from the general fund to capital and reserve accounts to prepare for future building and staffing obligations.
Details: The treasurer reported that the district's property claims history included wind damage and that market pressures had driven renewals upward; moving into the consortium (SORSA) returned certain deductibles to lower levels (the treasurer cited $10,000 per-instance deductibles compared with a quoted $50,000 in another option). The district purchased nearly $500,000 in school buses this year (paid from current-year funds) and spent about $250,000 on student Chromebooks; both purchases affected year-to-year comparisons and permanent appropriations.
Fund transfers approved by roll call: the board authorized a transfer of approximately $4,000,000 to $4,500,000 from the general fund to the capital projects fund, a $500,000 transfer from general fund to the severance fund to prepare for expected retirements, and a $426,657.02 transfer from the classroom facilities fund (interest income) to the building-project PI account to be used for connector work and closeout items. The board also authorized routine approvals including participation in federal grant programs and contract renewals.
The motions passed by roll call; board members indicated these moves were part of ongoing year-end fiscal planning rather than a reallocation intended to hide funds. The treasurer said finalized numbers could change slightly after year-end closeout and promised updated documents to the board.
