After months of financial uncertainty, the Iowa City Community School District is stepping back from a previously considered $25 million borrowing plan, citing improved revenues and reduced spending that have eased short-term cash flow concerns during its April 28 board meeting.
The board also voted to sell the Educational Service Center to the City of Iowa City for $3.2 million. The building was the home of the district’s offices until 2025, when district staff moved locations to the Center for Innovation, previously owned by ACT, until the district bought the building in 2022.
According to board documents, the district reported a $6.6 million positive shift in the general fund in April, driven by higher-than-expected state funding, grant revenue, and mid-year spending cuts. In addition, the district’s anticipated expenditures were reported to be $1.9 million lower than expected, at roughly $19.9 million spent in April…