The Jaffrey Select Board agreed Wednesday to use the town’s unexpended fund balance to cover an unexpected increase from its insurance provider, SchoolCare.

During the meeting, Town Manager Jon Frederick said SchoolCare is required by law to maintain a reserve of 12% of contributions. Due to high claim levels, the reserve has fallen below that threshold, and the organization has asked members to pay an additional assessment.

For Jaffrey, Frederick said that the amount is an additional $88,000. He said that the Jaffrey-Rindge School District, also a SchoolCare customer, faces an additional assessment of about $585,000.

“We do have the room in our undesignated fund balance to absorb this,” Frederick said, of the $88,000 bill facing the town. “We have, in previous years, had premium holidays that were distributed to the employees. Charging the employees for this is an option, but not one I’d recommend.”

Frederick said he reviewed money returned to the town in previous years from SchoolCare and found that it exceeds the $88,000 requested this year. While he said he does not recommend charging employees to cover the additional assessment, he recommended holding any future premium holidays in a fund to cover potential shortfalls.

The Select Board did not take a formal vote but agreed to use the town’s unexpended fund balance to cover the bill.

In other business, the board reviewed the town’s new property assessment, which resulted in a large increase in overall values. The town’s total valuation for 2025 is set to rise from about $536 million to $982 million, including properties within the town’s Tax Increment Finance districts.

Frederick said that residents who see large increases in property values will likely see a corresponding decrease in the town tax rate.

“This will be an interesting tax rate setting, it always is, when you come off of a reveal, anyway, because you have such a dramatic change, but this is a pretty dramatic change,” Frederick said.

The board also discussed adding a stop sign on Howard Hill Road where it meets Michigan Road. Frederick said there have been complaints and at least one accident at the intersection. The board agreed to hold a public hearing on the proposed stop sign Oct. 22 during the Select Board meeting at Jaffrey Town Hall.

Ashley Saari can be reached at 603-924-7172 ext. 244 or asaari@ledgertranscript.com. She’s on X @AshleySaariMLT.