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District warns insurance costs are accelerating and will erode programs
Summary
CFO Brian Berley told the board insurance costs have increased 57% year over year (about $1.7M) and have risen over 300% in seven years, flagging insurance as a major budget risk that could "eat into our other programs."
At the July 28 budget hearing CFO Brian Berley drew attention to insurance as a growing structural cost. He said the district's insurance expense increased 57% year over year — approximately $1.7 million — and that, looking back seven years, insurance has risen over 300% (an average annual increase of more than 40% in those years). "This is unsustainable," he said.
Berley told the board that rising insurance and utility costs will shrink the district's ability to fund programs and recommended that the state consider the trend as school districts face inflationary pressures that outpace typical funding growth rates. He said the district will monitor costs and make adjustments to programs and scheduling as needed.
