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Board approves budget amendment, insurance renewals and monthly financials
Summary
Haywood County Schools accepted monthly financial reports, approved budget amendment No. 9 for FY2024–25 and renewed several insurance policies including general liability, student accident and cyber coverage.
The Haywood County Schools Board of Education approved routine financial actions at its meeting, accepting monthly financial reports, adopting budget amendment No. 9 for fiscal year 2024–25 and renewing multiple insurance policies.
Why it matters: The approvals set fiscal and risk-management coverage for the coming year, including general liability, property, auto and workers’ compensation insurance that affect the district’s exposure and operating budget.
Finance committee chair Mr. Leon Clark presented the monthly reports and asked the board to approve them; the motion carried unanimously. Clark then presented budget amendment No. 9 for FY 2024–25; the board approved the amendment by unanimous vote.
Clark next recommended renewal of the district’s general liability, property, auto and workers’ compensation package with 30 Insurance at a total cost of $302,819.13 — about a 10% increase from the previous year. Clark said the district obtained “more coverage” with the renewal. The board approved the policy renewal unanimously.
The board also approved student accident, athletic and catastrophic insurance with Young Group at a cost of $25,385. Board discussion clarified the coverage is for all students and that the district’s plan acts as secondary insurance when a student has primary coverage. That motion carried unanimously.
Finally, the board approved cyber insurance with Chubb at a cost of $11,132, which Clark said represents a savings of roughly $13,000 and may provide better coverage. The motion carried unanimously.
All financial items were approved without recorded opposition. The approvals provide budget authority and insurance coverage for district operations and student activities.
