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Iowa City school leaders acknowledge procedural failures after public outcry over $10 million interfund loan
Summary
Parents, former board members and auditors pressed the Iowa City Community School District about a $10 million interfund loan taken in August and retroactively approved in January; Superintendent Degner acknowledged procedural failures and outlined steps including hiring a CPA CFO and engaging consultants.
Community members pressed the Iowa City Community School District board on alleged financial mismanagement Wednesday, centering on a $10,000,000 interfund loan taken in August and later retroactively approved.
Emily Campbell, a district graduate and former auditor, told the board she had ‘‘serious concerns about financial oversight by both district leadership and the board,’’ saying auditors’ reports describing material weaknesses were not provided in September and that quarterly financial reports contained errors and unexplained differences in starting and ending balances.
Several speakers urged outside review. Maka Pilcher Hayek, a former district board member, said the slide deck on the loan ‘‘provides 0 explanation of why the admin took out an unauthorized loan for $10,000,000 last August’’ and called for…
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