FLEMING ISLAND – After extensive workshops and discussions, the Clay County School District’s pivot to self-funded insurance became a reality last Tuesday.

Board members approved the measure that will save the district about $1.89 million in the 2022-2023 fiscal year unanimously to applause at last week’s board meeting. The estimated costs to go self-funded are about $4.5 million. According to the district, the self-funded model takes out some taxes and operational costs, gives the district access to more data and employees and the district more flexibility.

“Stay healthy everybody,” Board Member Tina Bullock said.

Board Member Janice Kerekes said she’s glad the district made it this far.

“The goal with these savings is, down the road, it can be an even better package for our employees,” she said. “So I’m really excited about it.”

The district was assisted by the firm The Bailey Group, which has presented about funding the switch and was previously informed about the district’s financial position.

In a self-funded model, premiums would be split between several aspects rather than a flat fee to an insurer. At a meeting last month, it was compared to an a la carte system with items like stop-loss insurance, which protects the district from high claims with a ceiling.

Some downsides are the self-funded model adds more administration and certain costs adheres to a fluctuating claims market. The Bailey Group has to monitor relationships with benefit and insurance providers.

With her business background, Board Member Beth Clark said she’s supported the measure since she started campaigning and is happy to be a part of it. Board Member Ashley Gilhousen recalled serving during lean fiscal years.

“This feels like what we’ve gone above and beyond what we even thought was possible,” she said.

“I agree with you,” Kerekes replied. “This is what we wanted all along and we are finally getting there.”