Madison finance committee credits $375,000 health‑insurance savings as net available funds top $88,000

MADISON — At a meeting of the Madison Public School Board of Education finance committee, district staff reported approximately $375,000 in health‑insurance savings and a preliminary net projected available balance of $88,436 for the 2024–25 fiscal year.

The savings stem from a lower‑than‑expected increase in insurance costs after the district’s fall renewal and stronger claims performance through early winter, district staff said. “We were pleasantly surprised in January,” Stacy, a district staff member, said. The committee voted to move the recommendation on the insurance reduction to the full board for approval; the motion was seconded and the motion carried.

The committee’s finance presentation broke down the district’s preliminary end‑of‑year balances. Staffing salary accounts have an estimated positive balance of about $230,000 (including substitutes), employee benefits about $18,000, and payroll taxes that generally track salary savings. Legal expenses for special education stood at…