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Iowa City school community presses board over $10 million interfund loan; superintendent accepts responsibility
Summary
Community members told the Iowa City Community School District board that an unauthorized $10,000,000 interfund loan and repeated financial-reporting errors demand outside review; Superintendent Degner acknowledged procedural failures and outlined steps including hiring a CPA CFO and engaging PFM consultants.
President Malone called the Iowa City Community School District board to order on Feb. 10, and public comment focused tightly on the district’s finances after residents raised alarms about an interfund transfer of $10,000,000 taken in August without prior board approval.
Several community members — including Emily Campbell, a district graduate and parent who worked as an auditor; former board member Macca Pilcher Hayek; and Matt Hayek, an attorney and former mayor — described a pattern of accounting errors, delayed audits and weak internal controls that they said culminated in the unauthorized loan and misleading quarterly reports. Campbell said auditors reported material weaknesses and that bank reconciliations were not performed, adding that “these reports show you the financial health of the district. You, the board, make big decisions based on the accuracy of these numbers.”
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