Monday, June 30, 2014
Finance Committee
Warren County Career Center
1. Opening Activities
Subject :
1.1 Call to Order
Meeting :
Jun 30, 2014 - Finance Committee
Category :
1. Opening Activities
Subject :
1.2 Public Comment
Meeting :
Jun 30, 2014 - Finance Committee
Category :
1. Opening Activities
2. New Business
Subject :
2.1 GRANT: Direct Certification Technology Upgrade Incentive - FIN - Ms. Mary Ann Paris
Meeting :
Jun 30, 2014 - Finance Committee
Category :
2. New Business
Public Content
Please see attached.
Subject :
2.2 Budget Discussion - FIN - Mary Anne Paris
Meeting :
Jun 30, 2014 - Finance Committee
Category :
2. New Business
Subject :
2.3 Budget Transfers in Preparation of 2013-2014 Audit - FIN- Ms. Mary Anne Paris
Meeting :
Jun 30, 2014 - Finance Committee
Category :
2. New Business
Public Content
This motion will direct the Director of Business Services to make budget transfers, if necessary, after June 30, 2014 to prepare the books for the 2013-2014 annual audit. All transfers made after June 30, 2014 will be brought to a committee meeting and the Board for final approval.
Subject :
2.4 Budget Transfer - FIN - Ms. Maryanne Paris
Meeting :
Jun 30, 2014 - Finance Committee
Category :
2. New Business
Public Content
The transfer is to cover the cost of the large repair and maintenance of the current Diagnostic Machine.
Subject :
2.5 Insurance Renewals - FIN - Ms. Mary Anne Paris
Meeting :
Jun 30, 2014 - Finance Committee
Category :
2. New Business
Public Content
Errors and Omissions: Sundahl & Co Agency
* Professional Liability (Errors & Omissions)
Commercial Package: Calvert Pearson
* Crime Coverage
* Inland Marine
* Commeercial Auto
* General Liability
* Workers Compensation
* Excess Umbrella Liability
The WCSD total insurance increase is from $416,413 to $442,035 which respresents a $25,622 increase or 6.2% The premium for Errors and Omissions is increasing from $34,576 to $43,093 which equates to $8,517 or 24.6%. This is driven from the overall claim environment and not by the WCSD claim history. The underwriters wanted a 40% increase but due to our longevity and rela tively favorable experience, our broker was able to keep the increase at 24.6%. The Commercial Package is increasing from $381,837 to $398,942 which represents $17,105 or 4.5%.. This is driven by the Youngsville vandalism claim. Our premium for Property/GL is up $36,418. Liberty Mutual is the 5th largest casualty company in the world. The YHS claim is the largest vandalism school claim in the country for them at $884,996, as is currently submitted. The deductible will be increasing from $5k to $10k. Liberty Mutual wanted the deductible increased to $25k. Our total insurance increase is $25,622 or 6.2%
3. Old Business
4. Informational Items
Subject :
4.1 Financial Reports
Meeting :
Jun 30, 2014 - Finance Committee
Category :
4. Informational Items
5. Other
6. Closing Activities
Subject :
6.1 Next Meeting Date - Monday, July 28, 2014 following PACCA
Meeting :
Jun 30, 2014 - Finance Committee
Category :
6. Closing Activities
Subject :
6.2 Executive Session
Meeting :
Jun 30, 2014 - Finance Committee
Category :
6. Closing Activities
Subject :
6.3 Adjournment
Meeting :
Jun 30, 2014 - Finance Committee
Category :
6. Closing Activities