Eric Richardson said two known items—cashier receipts and lower-than-projected refunds—currently put FY2026 net revenue about $161 million above March Revenue Estimating Conference projections, though three accounting items remain open until September close.

Interim CFO Pat Moore reported auditors completed field work for FY25 and said the district remains on track for an audit delivery in November; staff stressed many figures shown are preliminary unaudited July snapshots and that FY26 certified annual report (CAR) work continues toward the Sept. 15 filing deadline.

The board's finance update said S&P Global downgraded recently issued SAVE bonds to a negative outlook because state legislation will divert future SAVE funds; the presenter said the district will still be able to meet debt service but that a coverage ratio could fall below the 1.25 trigger in coming years.

ISAB staff emphasized key fiscal health metrics — Unspent Authorized Budget (UAB), solvency ratio and cash reserve benchmarks — and reported Iowa City's UAB was 2.3% in FY25, below recommended targets.

The board approved a slate of community nominees to the Financial Oversight Committee, filled two board slots and named CFO Pat Moore to serve; the board used a randomized draw to assign one-, two- and three‑year terms to the community members.

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