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Treasurer reports clean audit, $808,416 year-to-date interest and insurance appraisal change
Summary
Treasurer Shearhart reported $82,183 in May interest (YTD $808,416), a four-star clean audit for FY23, and an insurance appraisal increase from $67M to $85M that could raise premiums about $18,000; the board discussed options that could cut premium by roughly $7,000.
Treasurer Shearhart told the board the district earned $82,183 in interest in May, bringing year-to-date interest to $808,416, and reported a clean fiscal audit for FY23 that earned a "four stars" designation from the auditor’s office.
On insurance, Shearhart said the property appraisal used by the district’s insurer rose from about $67,000,000 (the prior appraisal) to $85,000,000. He said the higher appraisal would increase the district’s premium by roughly $18,000 year-over-year but described an alternative insurance program that values some properties at $78,000,000 and would save about $7,000 in premium while still covering replacement cost. "So we were 100% covered on...the rebuild of it," Shearhart said, describing replacement-cost coverage under the consortium policy.
Board members questioned whether the district could commission a third-party appraisal; Shearhart said that is possible but would likely cost an estimated $5,000–$10,000 for a full appraisal and walkthrough. He also noted that the policy is purchased through an OSC consortium and that market coverage elsewhere may be more expensive.
Shearhart reported that the district completed federal grant drawdowns in early June (about $300,000) and said award letters for FY25 federal grants had arrived with preliminary estimates increasing for next year. He said FY25 budget requests have been loaded and that final appropriations for FY24 and FY25 would be provided for board approval next week and then submitted to the county; county approval was expected by July 19.
The treasurer and board members also discussed insuring an early childhood center and adding a new van to the policy when district ownership begins January 1; Shearhart said the insurer had been informed and the additions would be a straightforward addendum.
