# Financial Oversight Committee Meeting - 11/10/26

The Iowa City School District Financial Oversight Committee met on November 10, 2026, to address delayed financial reporting, the 2025 audit, and the district’s financial controls. The committee reviewed four proposals for accounting stabilization and identified RSM and Creative Planning as the two leading firms. Both quoted approximately $105,000 for phase one. The committee approved a motion authorizing Pat to proceed with discussions with one of the two firms, within budget guidelines, and make a final recommendation to the full school board; contract and legal review are still required before a hire can proceed. A possible second phase may be considered after the initial work.

The auditor reported an unmodified opinion on the 2025 financial statements, alongside material weaknesses, late reconciliations and adjustments, and federal compliance findings; the special education cluster received a qualified opinion. The audit also included a roughly $19.9 million restatement of beginning governmental activities and a roughly $386,000 restatement for business-type activities. The committee discussed strengthening requirements for reconciliations, financial reports, cash-flow forecasts, and accountability, but deferred the proposed policy details for Pat to review and adapt. Members also discussed a temporary interfund cash transfer and forthcoming budget reductions. No other procurement award was approved.

**Jurisdictions:** sled
**Industries:** Professional Services
**Published:** November 10, 2026

### Sources
- [Financial Oversight Committee Meeting - 11/10/26](https://www.youtube.com/watch?v=iHOz2-Wd9bU) - Iowa City School Board Videos