City National Bank will continue to serve as the depository bank, Texas Student Resources/Health Special Risk as student accident insurance carrier for Sulphur Springs ISD, school trustees determined during their regular meeting earlier this month. SSISD trustees also renewed service contracts with Region 8.
SSISD Business Manager Sherry McGraw explained that the district has the opportunity to extend a contract for bank depository for two years but after a certain period, the district is required to go out for bids again. That’s this year. SSISD advertised for bids. Packets were given to five local banks and one out-of-town bank. City National Bank and Guaranty Bond Bank were the only two financial institutions the district received responses from, and Alliance submitted a letter declining to submit a bid for a two-year period beginning Sept. 1, 2021, to serve as a depository bank for the school district.
“We will be fine with either bank because everything is so in line. They would both do us a good job. Based on that it makes sense to stay with City [National Bank] that we’re with because all of our checks and any of our wires and things are all set up,” McGraw told the school board. “So, it’s my recommendation that we stay with City National Bank.
She provided a bid comparison sheet for both banks, with only a little difference in annual interest yield. CNB’s interest bearing and money market accounts would yield a return a little bit higher.
SSISD has banked with CNB for nearly 40 years, are easy to work with and very supportive of the district. Switching banks would be time consuming and costly for SSISD, especially for the business office personnel who are working to begin the new budget year in September, and make sure the current fiscal year is closed, McGraw pointed out.
SSISD Board of Trustees Secretary Jason Dietze made a motion, which was seconded by Leesa Toliver, to approve McGraw’s recommendation of CNB for SSISD’s depository for the next 2 years. Board Vice President Craig Roberts abstained from voting as doing so would be a conflict of interest; he is executive vice president of GBB.
Student Accident Insurance
McGraw also recommended the district continue using the current student accident insurance carrier, Texas Student Resources/Health Special Risk, Inc. The district has the option to extend the bid with the company for one or more years.
TSR bid $39,025 for 2021-22, the same amount quoted in 2019 and 2020. In fact, in 2020, the district only paid $33,171 of the $39,025. SSISD received a 15 percent discount, with no change in benefits, due to the COVID-19 pandemic, which reduced the number of sporting events played in 2020.
McGraw noted that a Region 8 survey conducted recently showed approximately 90-95 percent of districts that responded use Health Special Risk, which she believes is a good sign.
She recommended continuing to use TSR/Health Special Risk for student insurance based on the carrier’s past service, low cost and great customer service.
Roberts made a motion that was seconded by Robbin Vaughn to stay with TSR/HSR. The rest of the board agreed.
Region 8 ESC Contracts
SSISD will also be contracting with Region 8 Education Service Center for the 2021-22 school year for certain services.
“This is the same spreadsheet I give you every year with the cost of different coops by year to see how prices change,” said Assistant Superintendent Josh Williams when asking the school board to approve entering into contracted services with Region 8. “The bottom line is basically the same. It goes up by a couple of thousand dollars. . . . Nothing of change here. We use these programs and cooperatives a lot.
The main change this year is that the forms are all online, Williams noted.
The school board gave unanimous approval to the contracted services, proposed on motions from Jason Dietze and Robert Cody, during the regular June school board meeting.