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North Cape board approves financials and reviews insurance cost increases
Summary
The board approved the district's financial statements and payroll/disbursements and discussed a renewal from R&R Insurance that would raise property coverage and increase the deductible to $25,000; staff recommended against raising the deductible given limited savings.
At its May 20 meeting the North Cape School District Board of Education approved the district financial statements and authorized payroll and disbursement checks, then reviewed proposed insurance renewals.
A motion to approve the revenue and expenditure reports and balance sheet passed unanimously following a recommendation from the treasurer. A separate motion to approve payroll and disbursement checks also passed by unanimous vote.
Later in the meeting staff reviewed a renewal proposal from R&R Insurance covering property, liability and workers’ compensation. The district’s property coverage line showed an 18% increase in the premium and a proposed increase in the property deductible to $25,000. Staff cited numbers in the minutes: a total increase of approximately $1,871 for all insurances, a current renewal figure of about $27,917 compared with roughly $26,000 the prior year, and an illustration that increasing the property deductible would save only about $98 versus the prior year. Board members discussed the risk tradeoff and the staff recommendation that raising the deductible did not justify the limited savings. No formal amendment to the insurance coverages or a separate vote on deductible changes was recorded in the minutes.
The board adjourned at 6:27 p.m.
