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Finance report: district running under budget; staff flags 1% wind/hail deductible and management-fund role
Summary
The business officer reported the district is running well against budget but highlighted a new 1% wind/hail deductible from EMC Insurance and defended the management fund balance as necessary to cover large but rare costs; staff said districts are discussing pooled self-insurance alternatives.
Lewis Central’s finance report on May 19 showed the district operating under budget for the fiscal year but raised concern about insurance changes that could affect future spending.
Andrea, a district finance staff member, told the board the published general fund budget is about $41.98 million and that the district expects to be under that figure. She said EMC Insurance — the carrier used by many Iowa school districts — has moved to…
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