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The Kentucky Association of Counties Insurance Agency, Inc. held a quarterly Board of Directors meeting upon adjournment of the KACo Board of Directors quarterly meeting on Thursday, September 26, 2024. This meeting was held at 400 Englewood Drive in Frankfort, Ky. and via video teleconference, pursuant to proper notice given in accordance with KRS 61.826 and 65.312(3).
The roll was called. The following Directors were present: Chairman David Livingston, KACo President and Scott County Magistrate; Dan Mosley, KACo President-elect and Harlan County Judge/Executive; Stevie Givens, Butler County Magistrate; Ronnie Akers, Floyd County Magistrate (via video teleconference); Harry Clark, Rowan County Judge/Executive; Joe Pat Covington, Scott County Judge/Executive and Jim Henderson, KACo Executive Director/CEO.
Others participating included: Tim Sturgill, General Counsel; Karen Basham, Chief Financial Officer; Andrea Morse, Insurance Agency Manager; Maris Skinner; Alyssa Rogers, Staff Accountant (via video teleconference); Kelly Harding, HUB International/KACo Marketing Agent; Jesse Penn, Computer Support Specialist; and Sonya Chesser, Executive Assistant to CEO/Director of Administrative Services.
Judge Mosley called the meeting to order at 2:06 p.m.
Motion made by Stevie Givens, seconded by Harry Clark, to approve the minutes of the June 27, 2024, meeting as presented. Motion carried.
Ms. Basham presented and discussed the balance sheet as August 31, 2024; income statement and FY 2024/25 PAF budget for period July 1, 2024 through August 31, 2024. She also presented the pro forma balance sheet for the KACo Benefits Program as of June 30, 2024, and the pro forma income statement for the twelve months ending June 30, 2024, as prepared by Capstone Administrators.
Motion made by Joe Pat Covington, seconded by Stevie Givens, to acknowledge receipt of the financial reports as presented. Motion carried.
Ms. Morse presented and directors and officers and errors and omissions insurance renewal for period Oct. 1, 2024 through Oct. 1, 2025.
Motion made by Harry Clark, seconded by Joe Pat Covington, to accept the XL quote of $21,379 for errors and omissions coverage and to accept the Hanover quote of $2,942 (same as expiring) for directors' and officers' coverage. Motion carried.
Ms. Morse presented the quarterly bond summary report by month for FY 2024/25 including the bond type for all currently active bonds as of September 20, 2024.
Mr. Harding, giving an update on health insurance, provided a written summary of the KACo Benefits Program, which includes seventy fiscal courts, sixty-two libraries and sixty-four other political subdivisions totaling 196 members covering 6,008 lives. The report also included the quarterly activity and a five-year review of the Agency's financial performance and benefits commission for the current and prior rolling twelve-month periods.
Mr. Henderson said the KACo self-insured health insurance program remains under review and will only be considered should it be a true benefit to the counties.
The next meeting will be held Dec. 19, at 1 p.m. following the quarterly KACo Board of Directors meeting.
Motion made by Stevie Givens, seconded by Ronnie Akers, to adjourn the meeting at 2:29 p.m. Motion carried.