Rockingham County staff told commissioners on Oct. 30 that the county's PrimeX property and liability insurance renewal will come with a substantial rate increase that the county will need to absorb.

"The takeaway is our rate is going up quite a bit," a staff presenter said, citing an increase the meeting transcript recorded as roughly 36 percent. Staff explained the prior 9 percent annual cap for the pool had ended, and larger assessments are now being passed through to member entities.

Staff said the county would likely need to process an intra-year budget transfer (estimates discussed at the meeting included a $30,000 transfer as an immediate need) because roughly half the premium falls in the second half of the fiscal year; PrimeX invoices are dated for Jan. 1 with net-45 payment terms. The presenter noted an exposure increase tied to adding significant property values (including planned solar installations) that will also raise next year's assessment.

Commissioners discussed options such as seeking delegation contingency funds, setting aside a larger amount in next year's budget, or purchasing private coverage (which staff said would likely cost multiples of the current pool rate). The board did not adopt any formal budget transfer at the Oct. 30 meeting; staff will return with specifics on anticipated transfers and next-step options.

Ending: County staff will return with a recommended transfer amount and follow up on delegation outreach; commissioners indicated they want to build the larger expected premium into future budget planning.