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Finance report: operating fund ended about $1.2M; property-insurance premium fell from $121K to $89.8K
Summary
The district reported an operating fund balance of roughly $1,205,000 — about $100,000 more than at the start of the year — and staff said a property-insurance revaluation cut the premium from $120,825.94 to $89,800.15 with the same $25,000 deductible; board approved the financial report by voice vote.
Rhonda Ouellette presented the preliminary financial report and told the board the district's operating funds were about $1,205,000, approximately $100,000 higher than the beginning of the fiscal year. "So we're at about a $100,000 more than what we started the year with," Rhonda said while reviewing the fund-balance numbers; she warned that some entries remain pending and that the number will change as year-end adjustments are posted.
Board members asked whether large projects (an air-conditioning project was discussed earlier) would be paid directly by state grant or reimbursed; staff said the district pays up front and is reimbursed by the state minus the district deductible. The board also reviewed property-insurance numbers: last year's premium was $120,825.94 with a $25,000 deductible; this year the premium dropped to $89,800.15 after a revaluation of district property. Trustees accepted the finance report by voice vote and moved on to other business.
The board recorded these items by motion and voice vote; no roll-call tallies were recorded in the transcript.
