Lang
3/4/26
The Iowa City school board has approved a loan of up to $3 million to help meet the district’s payroll.
That vote came at Tuesday night’s board meeting, where members approved applying for a loan to help pay the district’s staff. The move comes after members of the community pointed out at a recent meeting that the district presented an inaccurate quarterly financial report to board members.
The loan with MidwestOne Bank would allow district officials to borrow up to $3 million, as needed, to pay district staff for the month of March.
The district is also finalizing $8 million in budget cuts to help offset the budget discrepancy. Cuts could include reducing elementary school teaching staff through retirements and voluntary resignations, consolidating bus routes, consolidating administrative positions, and selling some of the district’s Chromebooks.
The board also approved a $10 million transfer of funds from its health insurance fund on January 27th.
A new budget must be approved by April 30th.