Financial Oversight Committee · Quarterly Report to the Board
Iowa City Community School District

Quarterly Metric Scorecard — Q1 FY27

Quarter ended September 30, 2026  ·  Submitted to Board November 17, 2026  ·  Report ID: FOC-QMS-FY27Q1
Purpose. This scorecard reports the eight metrics adopted by the Board under Policy 200.3G5 for tracking the district's financial health and recovery. Each metric is shown against its operating zone with the trailing-quarter comparison. Yellow and red zone results carry commentary; red-zone results that breach the policy's automatic-action thresholds are noted explicitly.
Metric Q4 FY26 Q1 FY27 Zone Quarter-over-quarter
Days cash on hand 35 47 Yellow Improving (+12 days)
Unspent budget authority (UAB %) 9.6% 11.4% Green Improving (+1.8 pp)
Solvency ratio 3.8% 5.2% Yellow Improving (+1.4 pp)
FTE variance to budget +18 +12 Yellow Improving (−6 FTE)
YTD spending vs. budget pace 98.3% 99.2% Green Stable
Open audit findings 12 8 Yellow Improving (−4)
Months to audit acceptance > 24 17 Red Improving (−7 months)
Continuing disclosure on-time rate 0% 50% Red Improving (+50 pp)
Yellow and red zone commentary

Audit acceptance timing is the binding constraint on the district's rating recovery timeline. The district is on pace with the public audit catch-up plan adopted at the May 26, 2026 Board meeting, but the metric cannot yet be reported in green. The next milestone is the FY24 audit acceptance, currently expected in July 2026 with materials in process.

Continuing disclosure remains red because the FY24 filing is contingent on FY24 audit acceptance — this is a sequencing issue, not an effort issue. The FY23 filing was completed on time in Q1 (the +50% on-time rate). The FY24 filing is the only outstanding obligation in this category.

No red-zone breaches triggered the automatic actions defined in Policy 200.3G5 this quarter. The trajectory across all eight metrics is improving. The Committee recommends no policy-level adjustment at this time.

Submitted by
FOC Chair
On behalf of the Committee · certified November 4, 2026
Verified against general ledger
Independent reconciliation
FOC member designate · bank statements as of 9/30/26
Methodology: Metric definitions and zone boundaries set by Board Policy 200.3G5. Reviewed annually alongside the budget development cycle. Distribution: Board of Directors, Superintendent, CFO, public posting iccsd.org/foc, transmitted to the FY24 audit team for inclusion in the next continuing disclosure cycle.