The Iowa City Community School District Board of Education unanimously approved a $3 million loan to help with payroll as it continues to consider ways to trim the district’s budget.
A special board meeting was held on Tuesday, March 3, to approve the loan.
The district has spent the last few weeks finding ways to cut $8 million from its budget ahead of the 2027 fiscal year by eliminating positions and programs. The school retroactively approved a $10 million interfund loan that was secured in August to cover faculty pay and the general fund. The ICCSD said it needed the $10 million loan because its “expenses outpaced their projections,” noting a 9 percent average payroll cash increase and $15.7 million in compensation packages, according to board documents…