Bill
S 922
Overview: S 922 authorizes school districts in the state to establish an insurance reserve fund to cover costs related to property, liability, and workers' compensation insurance.P
Overview: S 922 authorizes school districts in the state to establish an insurance reserve fund to cover costs related to property, liability, and workers' compensation insurance.
Purpose and Intent: The bill aims to provide school districts with a mechanism to set aside funds for insurance-related expenses, which can help mitigate the financial impact of unexpected claims or incidents. This is intended to improve the financial stability and risk management capabilities of local school systems.
Key Provisions:
- Allows school districts to create an insurance reserve fund through board resolution
- Permits districts to transfer monies into the fund from their general operating budget
- Specifies that funds can be used for property, liability, and workers' compensation insurance premiums, deductibles, and claims
- Requires districts to maintain the fund in a separate account and report on its status
Affected Parties and Impacts: The bill would directly impact public school districts, providing them with greater financial flexibility and risk management tools. Ultimately, this could benefit students, teachers, and the broader community by helping to ensure the continuity of educational services and resources.
Procedural and Timeline Considerations: S 922 has been referred to the Senate Committee on Local Government, where it will undergo further review and consideration before potentially advancing to a floor vote.
Compiled from official sources — confirm details with the bill’s official record.
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