Three Rivers board reviews treasury report; insurance costs rise about 6% and district reports $1.6M shortfall

The Three Rivers Local School District's treasurer reported a roughly 6% increase in the district's liability insurance package and reviewed the May financial statements, which showed timing-based receipt expectations and a reported year-to-date deficit.

On the insurance package the treasurer said the combined total (including cyber coverage as a separate policy) rose from packet figures read into the record (the presenter read specific numbers in the packet) and summarized several coverage-limit changes: higher building content and boiler/machinery limits, raised earthquake and flood limits, and increased limits for certain liability lines. The cyber premium rose modestly, and the presenter characterized the overall package as about a 6% increase for the consortium of districts.

During the May financial review the treasurer said revenues were "stalled" near year-end, with some expected foundation and county payments yet to come. The presenter cited a Hamilton County payment that reduced an earlier shortage and noted ongoing valuation contests affecting certain receipts. The report listed total receipts and expenditures from the packet and stated a current deficit of $1.6 million; the presenter also noted special-education spending and cash-on-hand figures from the packet.

A motion to approve items A and B of the treasurer's report was made and seconded; the record includes votes in favor by Dr. Shepard, Mr. McDonald and Mrs. Miller and the motion passed.

The treasurer invited board members and the public to join the finance committee for more detailed review at the next scheduled meeting.