Camdenton board accepts clean audit, reviews finances and moves to change supplemental insurance vendor
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Summary
The board accepted a clean 2024–25 audit, reviewed November finances (ending balance ~$29.38 million; investments around $23 million earning ~3.9–4%), and approved staff’s recommendation to end the district’s contract with American Fidelity and explore a partnership with OSBA/Hartford for supplemental employee insurance.
At its Dec. 8 meeting the Camdenton R‑III Board accepted a clean audit for 2024–25, received the treasurer’s report, and discussed finance items including an RFQ for bond underwriting and a proposed change to the district’s supplemental insurance vendor.
The treasurer reported a November ending balance of $29,381,000 and said total receipts were up roughly $437,000 month‑to‑month; the district holds about $23,000,000 in investments currently earning in the 3.9–4% range. Staff said the district submitted a FEMA reimbursement request and is awaiting final federal clearance before funds are received.
The audit summary from Graves & Associates returned a clean opinion, with the auditor noting a recurring management letter item about segregation of duties (common in small districts) and the single audit still pending due to federal office delays. Board member (name not specified) moved to approve the final 2024–25 audit report; the motion passed by voice vote.
On other finance business, the board authorized staff to form an interview committee from the existing financial committee to evaluate three bond underwriter proposals (Piper Sandler, Stifel and LJ Hart) and return a recommendation in January. Staff emphasized the committee work does not signal an intent to issue bonds or levies — it is a routine review of underwriting services.
Finally, district staff recommended ending the supplemental insurance agreement with American Fidelity and contracting supplemental products through OSBA/Hartford to simplify enrollment and leverage buying power. Staff reported limited employee responses to outreach (seven replies) and said individual concerns were handled in meetings. The board moved to terminate the American Fidelity agreement effective at the end of the current fiscal year and to pursue an agreement with OSBA/Hartford for the 2026–27 plan year; staff will finalize communications and ensure employees with preexisting‑condition exceptions can retain coverage where needed.