News-Record.com

So, now we know that GCS has been intentionally under-insuring its properties, and under-valuing them for insurance purposes. I believe that Sharon Ozment is the district's Risk Manager, so she is responsible.

Funny how they didn't tell us that part BEFORE the bonds vote

To the first anonymous,
It would be inaccurate to say that the district was intentionally under-insuring its schools; moreover the plan that GCS had is the same as what most of the school systems in the state have as the Department of Public Instruction provides the coverage. Also, you would have to blame every school board member over at least a decade-long period (I believe more like 15-20 years) for signing off on the insurance. Wanda Frazier is the risk manager; Sharon Ozment is the chief finance officer.

To the second anonymous, it was no secret that the district was reevaluating its insurance coverage. I have written about it before, including in a Chalkboard post about a month ago.

If GCS hasn't been intentionally under-insuring its properties to scrimp on premiums, then why are they increasing its stated property values by 37% in one fell swoop? I would agree that every school board member has been derelict in their duties for over a decade for not questioning the level of coverage. And, how many other items of expense have they not concerned themselves with? It is the responsibility of the school board to provide oversight for the administration. That is why they are there. To say that every other school district has also been under-insuring their properties is an unacceptable excuse. If what they have been doing is correct, they why increase the property valuations by 37%? That is just an admission that what they have been doing is wrong.

If they do not look into these areas and provide oversight by asking the right questions, why are they there? At least we know why Deena Hayes is there...to get black contractors more bond money.

I suppose the voters have trust in the board to provide oversight for the administration since they approved a $457 Million bond, which would in part build a $88 Million school. Can we assume that the school board has looked at that one closely to ensure that building the most expensive school in the history of the state is cost-justified?

"What we don't want to do is not be doing things that we could be doing," Bobadilla told the board."

And, this is the person that will be responsible for the use of the $457 Million?

In conjunction with Ms. Frazier as Risk Manager, Ms. Ozment, the Chief Financial Officer, is accountable for the implementation of the Risk Policy and for maintaining a program of risk reassessment. The CFO also should provide advice to the the board on risk management matters relevant to their responsibilities. The CFO should assist the Board in the effective discharge of their responsibilities. So, does GCS have a Risk Policy and what are Ms. Frazier's and Ms. Ozment's qualifications to be in charge of the District's Risk Policy?

Morgan,
You are correct that you wrote on the CB in March that GCS was soliciting insurance quotes form private carriers for increased coverage. You also stated:

"In fact, both Frazier and Arnold said that the DPI insurance premiums are so low that private companies have a hard time matching them. Arnold estimates the district is saving hundreds of thousands of dollars a year on premiums, which could total in the area of $3 million if you multiplied those savings by 15 years, the amount of time the district has bought state insurance (since merger in 1993). GCS is currently paying $534,758 a year to insure its $1.4 billion in assets, but is seeking insurance bids for 2008-09.

"My recommendation would be to set that (the savings) aside," Arnold said. "But I don't think the Board of Education will set that money aside to build a new school. They'd say we need it now."

I stand by my statement that GCS has been intentionally under-insuring its school properties to save insurance premium money and use in other ways in violation of good risk management principles.

And, as I review Sharon Ozment's resume, not only is she not a CPA, but her stated responsibilities sound much more like an Accounting Manager than a CFO. She doesn't even mention risk management responjsibilities. The Assistant CFO in the Lee County School District is a CPA.

Congratulations Deena-Neglect-your-constituents-Hayes. One of your fine schools makes the headlines again.

How so?

Smith was on lock-down. Again.

Deena honey, you're on the SCHOOL board. Get off your rump and do something to fix the SCHOOLS in your district. Forget about finding your husband more work with your fake concern for minority contractors! You're supposed to be concerned about EDUCATION. If not than GET OFF THE SCHOOL BOARD!

It’s Mr. Arnold's reckless idea to forget increased insurance and put it in the bank that reminds me of many business failures I have seen in my professional career. There must be a balance and the one major loss can account for all savings, compound interest during time period and more. He would also be the first to deny the funds to pay for the escrow account. Sorry, but Mr. Arnolds ability to provide sound business advice might be held in some degree of questionability. His support for developers and keeping their taxes and fees low sure isn’t. If school impact fees were better matched we might not need so many bonds. But that would eat into his profits wouldn’t it? Few homeowners (voters) choose to intentionally underinsure their homes. Few also know how their insurance policy works and would apply to their home. If I believed they would intentionally take the risk with their homes, then I would do so with our school buildings.

Sharon Ozment has my support in both her work and experience. I am a CPA, my wife is a CPA and I have employed, supervised and taught many CPA’s. The professions joke is Cut Paste and Attach. Decades of experience sure can easily overcome a piece of paper. Few people I know have both her work skills and are willing to work as hard as she does. If she had the papers to be superintendent permanently, that would be my vote. Sadly she is too smart for that.

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