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Monticello to earmark $6.2 million insurance proceeds for repairs; board approves 2024–25 budget revisions
Summary
The Monticello School Board on April 7 approved assigning roughly $6.2 million in insurance proceeds from a February hailstorm to a capital projects fund and finalized revisions to the 2024–25 budgets, including a roughly $2 million reduction in the general fund balance.
The Monticello School Board on April 7 approved assigning property insurance proceeds from a February hailstorm to a separate capital projects fund and approved final revisions to the 2024–25 budgets across district funds.
Director of Business Services Tina Burkholder told the board the district was awarded about $6.2 million in insurance proceeds after deductibles for storm damage. She recommended tracking those proceeds in a separate capital projects fund and assigning the insurance activity to an assigned fund balance to avoid commingling with other district funds. "This approach will have clear financial tracking accountability as we move forward through the repairs," Burkholder said.
The board approved the motion to assign the insurance proceeds by voice vote, 5-0.
Burkholder then reviewed final budget revisions for the 2024–25 fiscal year. Key points she highlighted: a modest overall revenue decrease in the general fund of approximately $217,000 driven by enrollment changes; an expense increase in the general fund of about $1.5 million, largely for salaries, employee benefits, and purchase services tied to maintenance and repairs; and a projected overall decrease in the general fund balance of about $2,000,000. She said capital projects will be used first on garage buildings and then roofs and other storm-damaged items as bids and quotes are received.
The board approved the final budget revisions (general fund and other funds) on a 5-0 voice vote. Burkholder noted that certain funds, such as the special education cooperative and hockey arena fund, are budget-neutral and that the hockey association will cover any arena fund deficits.
Both approvals give the district authority to begin financial tracking and repair contracting tied to the hailstorm claim; the board did not at the meeting adopt specific repair contracts or a detailed repair timeline beyond the procurement steps Burkholder described.
