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District warns rising insurance costs strain budget; broker fees and estimates complicate planning
Summary
Risk management staff told the board that insurance costs have climbed sharply — roughly $160,000 in the last year and nearly doubled since 2022 — and broker fees rose from $5,000 to $7,500. Trustees said rising premiums may require cuts or additional levy revenue.
Justin Polstead, presenting the district risk management update, told trustees the district is experiencing a marked rise in insurance costs and related fees.
Polstead said the district’s insurance expense increased by about $160,000 in the previous year and that overall costs have nearly doubled since 2022. He also noted the broker fee — previously $5,000 for many years — increased…
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