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Iowa City school board ratifies $10 million interfund loan after questions about timing and reporting
Summary
After prolonged questioning about size, accounting and board notification, the Iowa City Community School District board voted unanimously to approve a resolution ratifying a $10,000,000 interfund transfer between district accounts and asked administration to return in February with fuller financial reporting and process changes.
The Iowa City Community School District Board of Directors voted unanimously Jan. 13 to approve a resolution ratifying a $10,000,000 interfund transfer that occurred last fall between district funds.
Deputy Superintendent Ramey told the board the transfer was done to address cash-flow timing and that legal counsel later recommended the district seek formal board approval. Ramey said the amount had been invested in certificates of deposit and that administrators expect to repay the originating fund within roughly six…
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