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Bowling Green treasurer: district close to projections, switches cyber insurer to Quartus
Summary
The district treasurer told the board that fiscal-year revenue collections and expenditures are close to projections, cash reserves have declined from last year, and the district will switch its cyber policy to Quartus with a $10,000 deductible and a premium about $3,000 lower than an earlier renewal quote.
At the June 17 Bowling Green City School District board meeting, the district treasurer delivered the fiscal-year-end report and recommended renewing cyber and pollution insurance coverage.
The treasurer said the district collected about 97.6% of projected revenue for the year and spent roughly 87% of the budgeted expenditures, leaving cash balances roughly $86,000 lower than projected on approximately $34 million in revenue and $36 million in expenditures. The treasurer reported the district is currently holding about 151 days of cash, down from about 176 days at the same point last year.
The treasurer told the board the district had limited purchasing after May cutoffs to wrap up invoices for the year and that investment yields had declined but longer-term investments were averaging about 4.5%.
On risk coverage, the treasurer said the district solicited multiple quotes and plans to switch its cyber insurance to a carrier called Quartus for a policy with a $10,000 deductible; the treasurer said the premium will be about $3,000 lower than a prior quote (CFC had sought to raise the district’s renewal to about $17,000 from $13,000 the prior year). The treasurer said pollution coverage will be renewed at about the same rate as the prior year.
The board voted to approve the treasurer’s report. (Roll call recorded in the transcript: "Missus Thompson? Yes. Doctor Dona? Yes. Mister Tovis? Yes. Mister Myers? Yes. Mister Gere? Yes.")
