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Milton board approves preliminary 2025-26 budget and reviews insurance, debt defeasement plans
Summary
The Milton School District board approved a preliminary 2025-26 budget after a finance committee review that flagged a 7.5% overall insurance increase and outlined plans to use fund balances for debt defeasement and capital projects.
At the Milton School District board meeting, trustees approved a preliminary 2025-26 budget that the administration says will be the basis for the district’s annual meeting in August.
The board’s finance committee reported a 7.5% overall increase in insurance costs driven primarily by workers’ compensation and cyber insurance, and staff described plans to use existing debt-service balances to defease debt and avoid future interest payments.
The finance committee presentation said the workers’ compensation increase stems from a higher experience modification rate resulting from several high-cost claims that will affect premiums for the next two budget cycles. The committee…
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