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Marshalltown board adopts 2026–27 budget, accepts FY25 audit and ratifies teacher contract
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Summary
The Marshalltown Community School District board approved the 2026–27 certified budget and a proposed property tax rate of $17.96896 per $1,000, accepted the FY25 audit (unmodified opinion with a GASB 101 restatement), and ratified a tentative contract with the Marshalltown Education Association, all by 5–0 votes.
The Marshalltown Community School District Board of Education on April 20 approved its 2026–27 certified budget, accepted the district's fiscal year 2024–25 audit and ratified a tentative contract with the Marshalltown Education Association, with each item passing by unanimous 5–0 votes.
Board Secretary Randy Denham presented the certified budget and said the proposed overall property tax rate would be "$17.96" per $1,000 valuation (reported in the meeting as $17.96896 per $1,000). Trustees approved the budget as presented and the property tax rate on a 5–0 vote.
The actions follow the board’s acceptance of its FY25 audit from Bonsack & Frommel. Auditor Sarah Bonsack told trustees the firm issued unmodified opinions on the financial statements and on the federal single audit, but included an emphasis‑of‑matter paragraph related to implementation of GASB 101 (compensated absences). That implementation required the district to accrue accumulated sick leave, which the auditor reported increased a fund‑balance restatement by about $15,000,000. Bonsack also reported three significant deficiencies tied to segregation of duties in receipts, cash disbursements and payroll and offered recommendations to mitigate control weaknesses.
Roughly $88.6 million in governmental fund revenues were reported for FY25, and expenditures totaled about $109.4 million, the auditors said. The district issued $30 million in revenue bonds during the year; outstanding revenue bonds were reported at approximately $52 million with maturities through 2047 and interest rates described in the presentation as roughly 4.1% to 7% over the life of the bonds.
Separately, negotiator Jackie presented a tentative agreement with the Marshalltown Education Association that adds school‑based therapists to the bargaining unit and includes step and lane advancements plus a $350 add to the base salary schedule and $378 added to the supplemental base — summarized at the meeting as a 2.29% cost increase. Jackie said MEA ratified the agreement the next day; the board approved the tentative agreement as presented. The meeting record includes a budgetary cost figure of approximately $1,008,238.59 associated with the agreement as presented to the board.
The board also noted federal program activity during the consent agenda: a $264,842 federal grant subaward under IDEA Part B for special education and related services was included among routine items the board approved.
Trustees asked auditors and staff clarifying questions about the restatement and internal controls; auditors and the finance staff described compensating controls and said limited staffing underlies segregation‑of‑duties issues. The board voted to accept the audit and then to adopt the certified budget and related actions. The decisions now set the district's next fiscal year financial plan and the proposed property tax rate for publication and further municipal processes.
