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School board approves interfund loan, amends budget and sets financial criteria for facilities plan
Summary
At the May 12 meeting the Iowa City Community School District board unanimously approved an interfund loan to the SAVE fund to cover bond payments, passed an amended FY2025–26 certified budget, and amended and adopted a facilities master‑plan resolution that ties future projects to specific financial stability measures.
The Iowa City Community School District board on May 12 unanimously approved several finance actions designed to address short‑term cash needs and set conditions for future capital work.
Directors voted to authorize an interfund loan from the General Fund to the SAVE fund to meet an upcoming bond payment; staff said the loan will be repaid by Oct. 1. The motion carried with all directors voting in favor. The board also approved an amended 2025–26 certified budget to adjust instruction, student support services and capital projects line items; administrators characterized the amendment as procedural with no property‑tax impact.
In a separate motion the board amended and adopted a facilities master plan resolution that adds a definition of “financial stability” to guide project approvals. The adopted language ties financial stability to completion and submission of the FY2024 audit and bank reconciliations through FY2026, “no need for anticipatory warrants,” and a written recommendation by the chief financial officer and superintendent that the district is financially stable.
Interim CFO Kim Covin updated the board on corrective steps taken in the business office: reconciliations were completed through June 30, 2025 (staff said investment reconciliations are in process), and a draft of the FY2024 audit was expected within days, with 2025 fieldwork scheduled to begin Aug. 10. The third‑quarter unaudited financial report presented to the board showed revenue and expenditures both up year‑over‑year and total cash and investments tied to bank statements of about $28.1 million as of March 31. Board members also flagged a negative ending balance in the Student Activities Fund and asked staff to return with a more detailed “health‑condition” report.
Other routine policy actions also passed unanimously, including approval of the 800‑series policies on buildings and sites and policy primers. Board members said they will continue follow‑up work with the state’s SBRC process and scheduled a special education expenditure review for a future meeting.
