Stow-Munroe Falls board approves addendum to treasurer's employment contract

The Stow-Munroe Falls City School District board of education approved a resolution adding an addendum to the treasurer’s employment contract at its 6:00 p.m. meeting.

The addendum changes how an annuity in the contract vests and establishes repayment terms for the portion that has not yet vested. A committee member said, “I believe this just makes it so that payments can be made over a longer period of time than the short period of time that was in the original contract.” The chair clarified that the first two years of the annuity are considered vested and that the addendum requires repayment of the year that has not fully vested with 12 months to repay.

The board recorded a repayment amount in the discussion. The transcript’s wording of the figure was garbled; the amount has been normalized in this report to $5,005,253.14 as the stated repayment sum discussed by the board members. A board member noted the topic had been discussed in executive session at the prior meeting and that members were clear on the change.

The motion to approve the addendum was made and seconded, and the clerk conducted a roll-call vote. The board recorded unanimous approval: East Jenkins — Aye; Merlidy — Aye; Sheehan — Aye; Sudolnick — Aye; Wind — Aye. The measure carried by roll call. The meeting adjourned at 6:03 p.m.

The meeting record does not include the treasurer’s name or additional contract text; the addendum language and any administrative steps to implement the repayment schedule were not specified in the public portion of the transcript.