Amid months of financial uncertainty, the Iowa City Community School District has delayed its pursuit of a multimillion-dollar loan because banks are leery of the lack of audits and its improved cash flow.
The district said improved revenues and reduced spending have eased short-term cash flow concerns during a school board meeting on April 28, and that it won’t take out a $25 million loan in May.
Banks are currently unwilling to lend due to the district’s improving finances and missing fiscal audits…