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Board hears $11 million insurance payment, construction progress and contents estimate
Summary
Finance staff told the Tipton County School Board the district received an $11 million insurance payment that improved cash flow; construction is on track with roofing ~80% complete and contents estimated at about $2.6 million (preliminary).
At its June 12 meeting, Tipton County School Board staff gave the board a status update on district finances and major capital projects, reporting an $11 million insurance payment, May payouts to construction contractors and an early estimate for building contents.
The finance presenter told the board the district received an $11,000,000 insurance payment that helped sustain cash flow ahead of fiscal year close. The district’s largest payout to date occurred in May — a little over $6,100,000 for project draws,…
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