The Burleson Independent School District Board of Trustees on Aug. 11 approved a one-year renewal of the district's property and equipment insurance with a not-to-exceed cap of $2,173,204 and authorized the superintendent or a designee to finish negotiations and sign the contract ahead of the Oct. 1 renewal date.

The vote came after a presentation from district finance staff outlining that the proposed renewal represents a 2.3 percent decrease from last year despite an increase in the district’s insured values. Finance staff said the district increased its summary of values to ensure property was insured properly and still secured a lower premium than the prior year.

Brenda Mize, who presented the financials and insurance item, told trustees that markets will continue to be monitored through mid-September and that the district will renew Oct. 1. Mize said, "Excitingly, we've gone down 2% ... so they have given us a not to exceed rate." The board then voted to approve the cap and to authorize the superintendent or designee to complete the negotiation and execute the contract.

Board discussion on the item was brief and centered on approving the cap so staff could continue market work. The board approved the motion by voice vote with no recorded opposition.

The contract authorization allows district staff to finalize terms before the October renewal; trustees will consider ratifying final paperwork if necessary at a later meeting. The district said if the final rate is lower than the cap, staff will accept the lower rate.

Clarifying details: the board set a not-to-exceed premium cap of $2,173,204 for the 12-month renewal starting Oct. 1; the district reported the premium is about 2.3 percent lower than the prior year even though insured values were increased.

The approval is administrative in scope; the board did not adopt changes to coverage terms during the meeting. Staff will return with final figures when available.