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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, with $323,000 listed as retainage — and the presenter said 5% is being withheld as required by statute. Staff said they may file a partial request for insurance reimbursement later in the summer if true‑up payments come later.
Capital Projects staff reviewed the construction work on the new campus: structural walls and permanent power work are progressing, roofing was reported at about 80% complete, paint crews have shifted to a six‑day schedule, epoxy floors and plumbing fixtures have targeted delivery dates, and an expected final brick delivery was scheduled for the 23rd to enable additional crews to expedite masonry work. Staff said if the schedule holds, some temporary facilities will be torn down and occupancy steps will follow before July 1.
Board members also discussed a district estimate for contents — furniture, library books and classroom fixtures — of roughly $2.6 million; presenters cautioned that figure excludes playground equipment and is preliminary pending final vendor pricing.
Officials told the board the county finance committee had received the district’s budget presentation on June 3, and the county commission planned to vote on the county and school budgets at a meeting the board was told would move to the third Monday in July. Board members said they expected staff to return with any needed updates to support final budget votes.
The board did not take an action specific to insurance reimbursement at the meeting but discussed next steps and the schedule for final payments and potential follow‑up with the insurer.
