Board approves supplemental budget and acknowledges beginning fund balances; insurance costs expected to rise

The Elizabeth School District board approved a supplemental budget and appropriation resolution for fiscal year 2024–25 and adopted a beginning fund balance resolution acknowledging the district’s starting balances for audit purposes.

District staff explained the supplemental budget is a routine “true up” to reconcile accounts that exceeded or underspent their original allocations and that auditors require board approval prior to year-end. The beginning fund balance resolution documents the fund balance at the start of the fiscal year and authorizes the district to use those balances if later budgeted by the board. Staff identified the food-service fund as a primary area of recent spending: the district has been drawing down a food-service fund balance previously used to buy equipment such as refrigerated box trucks for kitchens.

Separately, staff told the board that the district’s total insurance package — property, crime, general liability, educators’ legal liability, commercial auto, commercial umbrella and workers’ compensation — is expected to increase by about $69,000 next year. Staff said the district’s total insurance cost is roughly $475,000 under the current package and that property and workers’ compensation are the largest drivers of the recent increases. The district’s broker presented a preliminary quote that staff received late in the day; staff said they will meet with the broker and then call a short special meeting so the board can approve the final policy.

Board members approved the supplemental budget and the beginning fund balance resolution by roll call. Staff said the insurance increase had already been anticipated in the recently approved budget and that a separate meeting would be scheduled to approve the final insurance contract once broker review is complete.