Nearly $40 million in unapproved interfund loans and issues with athletic spending were the focus of a recent audit report as the Iowa City Community School District continues to grapple with a significant budget crisis.
The district is catching up on three years’ worth of delayed audits. Its fiscal year 2024 report, reviewed during the Tuesday, June 23 school board meeting, found that the district’s financial statements are reliable, but internal control of interfund accounting and fiscal oversight is lacking.
The audit, presented Tuesday, June 23, by Bohnsack & Frommelt to the board of directors, Superintendent Matt Degner and Chief Financial Officer Pat Moore—the only district leadership present— is part of the district’s efforts to address the backlog of delayed reports…