Finance committee: insurer to cover nearly $400,000 for central school chiller failure
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Summary
The finance committee reported the district’s insurance company will cover almost 100% of costs associated with a central school chiller failure, about $400,000, and the funds are expected to be returned to capital reserve after the year-end audit.
The Glen Ridge Finance Committee reported that the district was notified by its insurance company that it will cover the majority of costs tied to a central school chiller failure, approximately $400,000, and that the recovered funds will be returned to capital reserve at the year-end audit.
Kristen, speaking for the finance committee, said the district expects nearly full insurance coverage for the chiller replacement costs and that the money "will be moved back to capital reserve at the end of the year at the end of the year audit as per our school district finance guidelines." She also noted ongoing confidential negotiations in another committee and that the Glenridge Educational Foundation recently met about event planning and mini grants.
Board members did not debate the insurance coverage; the item was presented as an update and no motion was needed during the meeting.
Next steps: district staff will complete necessary accounting at year-end to return the reimbursed funds to capital reserve.
