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Iowa City school district discloses misreported $10 million loan, seeks interim funds and multiyear cuts
Summary
District officials disclosed a misrepresented $10 million interfund loan and asked the board for a $3 million interim loan to cover payroll, announced immediate cost controls and proposed $7.5 million in budget reductions while an interim CFO accelerates reconciliations and the district coordinates with state oversight bodies.
Matt, speaking to the Iowa City Community School District board, said the district discovered that a $10,000,000 interfund loan from the health insurance fund had been handled without required board approval and that information about the district’s finances "was misrepresented and wasn't accurately stating our financial picture." Matt said the error revealed a larger structural cash‑flow and budget problem that will require multiyear adjustments.
The district asked the board on March 3 to approve a $3,000,000 interim loan to ensure payroll on March 13 while the district waits for a state foundation aid payment due mid‑month. "We wanted to make sure we were doing everything we…
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