You may have a rot problem, and 'some kind" of insect is feasting on the rotten part of the rhizome
. As to when to apply borer control...I guess you can do it anytime, but I prefer early spring, when new growth is about 6" long ( I use a Bayer Long Season grub Control, with Merit*. I use the liquid, but they also make it in a granular form) here's a link to iris diseases
http://extension.psu.edu/pests... there are also articles here, or on the AIS site on ID, ,and treatment, of both borers, and common diseases.