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Board hears update on 'super school' construction, insurance mediation and cash flow
Summary
District staff reported $44.3 million paid to date on the new school project, ongoing mediation with insurers over replacement cost, a July payout of about $2.3 million and a freeze on nonessential capital spending until reimbursements are resolved.
District finance and facilities staff told the Tipton County Board of Education on Aug. 12 that construction on the new combined campus — the “super school” project — is in late-stage work and the district has paid $44.3 million to date, with roughly $21 million remaining on the contract.
Finance staff reported a construction payout of about $2.3 million for July and said $2.1 million of the July payout was to Linkus (retention and pay application as recorded). Staff provided a monthly cash-flow forecast in board materials and said they will continue to send monthly updates to the board.
The meeting included an extended discussion of the district’s insurance claim and mediation with the local insurer and reinsurers. District…
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