At the June 6 Finance Committee meeting, the Mount Pleasant Community School District covered a wide range of financial topics, including its annual insurance renewal, monthly expenditures, and the future of its Instructional Support Levy (ISL).
Insurance Renewal and Risk Management
One of the meeting’s key items was a detailed presentation on the district’s insurance policies for property, casualty, and workers’ compensation. The district’s total insured property value is approximately $91 million, not including the former Iowa Wesleyan University campus.
Of particular focus was the 1% wind and hail deductible—separate from the standard $50,000 “all other perils” deductible.
One option discussed to mitigate this risk was participation in a new Storm Protection Fund, where districts pool money to cover large deductibles. The cost for Mount Pleasant to join would be $36,415 annually from the management fund. However, Superintendent John Henriksen and Finance Director Jessica Boyer decided against participation this year.
“Our buildings are spread out,” Henriksen noted. “The chance of a single storm damaging every facility is relatively low.”
The insurance presenter echoed this sentiment, explaining that many Iowa districts are now shifting from full insurance coverage to a strategy of self-insuring manageable losses while reserving insurance for catastrophic events.
Monthly Financial Review
The committee also reviewed the May financial report, scrolling through monthly expenditures across all district funds—including general, activity, and food service funds. Some notable expenses included:
The general fund closed May with nearly $9.5 million in cash, nearly identical to the same time last year. Other funds, like the Student Activity Fund, showed slight increases, while Capital Projects spending was higher due to facility upgrades.
Instructional Support Levy (ISL) Renewal Process Begins
The committee also reviewed the timeline for renewing the district’s Instructional Support Levy (ISL), which supports general fund operations. The current ISL was approved by the board in 2020 and runs through fiscal year 2026.
To maintain this funding, the board must renew the ISL for another five-year term beginning in fiscal year 2027. The process will begin with a resolution of intent at the June 9 board meeting, followed by a public hearing and final vote scheduled for July 14. The deadline to certify the intent to continue the program is April 30 of the preceding fiscal year.