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Board approves multiple reserve transfers and creates insurance reserve; one member votes no
Summary
The board approved transfers of $26,837 to the TRS reserve and $50,000 to ERS reserve, authorized up to $160,000 to the capital reserve, and established a new Insurance Reserve with a $30,000 transfer; the measures passed 5-1 (Jeffrey Demarest opposed).
The Oysterponds Board approved a package of year-end transfers and the establishment of a new Insurance Reserve during its Sept. 10 meeting. The board approved a $26,837 transfer to the District Retirement Contribution Reserve (TRS), a $50,000 transfer to the ERS reserve, and authorized a transfer of up to $160,000 to the Capital Reserve. The board also established an Insurance Reserve to finance certain uninsured losses (including cyber incidents and named-storm damages) and approved a $30,000 transfer to that fund.
Thomas Stevenson moved the set of motions upon the recommendation of Superintendent/Principal Dr. Cobis; Janice Caufield seconded. The combined vote on items #1–#5 was 5 Yes, 1 No (Jeffrey Demarest). The meeting minutes record the dissenting vote by Demarest but do not include further comment explaining his opposition.
