Willis ISD posts 'superior' financial rating, CFO cites strong reserves and cash position
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Summary
Willis Independent School District earned 98 of 100 points on the Texas School Financial Integrity Rating (first rating) for fiscal 2023–24, driven by high days of cash on hand, positive fund balance measures and no material audit findings; one solvency indicator showed slightly reduced points.
Willis Independent School District scored 98 out of 100 points — a “superior” rating — on the state'mandated School Financial Integrity Rating for the 2023'24 audit year, Chief Financial Officer Garrett Monde told the board on Oct. 8.
The rating covers the district'level Annual Financial Report (AFR) for the period Sept. 1, 2023, through Aug. 31, 2024, and uses 21 indicators that assess audit timeliness, solvency and other financial controls. "We received 98 out of 100 points, with a superior rating," Monde said.
Why it matters: the first rating is intended to give the public a summarized view of a school district's fiscal health and is used by the state to hold districts accountable for financial management. Monde said the district met or exceeded nearly every threshold the state measures.
Key findings presented to the board: - The district submitted a complete AFR on time and received an unmodified audit opinion. - Willis ISD reported timely payments on debt service and to governmental agencies, including TRS, with staff crediting district payroll processes and recordkeeping. - Fund-balance and cash-reserve measures were strong: the district reported 101.8 days of unassigned fund balance and 212 days of cash on hand, both comfortably above the state's thresholds. - The current assets to current liabilities ratio was 7.25, well above the state'required minimum of 3 for full credit.
Monde said the only indicator that did not receive full credit related to the correlation between future debt obligations and the district's assessed property value; the district received eight of 10 points on that measure. He noted Willis ISD's fast growth (14.37% over five years) and a large issuance of debt during late 2024 — roughly $102 million issued across two closings — as factors the state scoring model considers.
Monde cautioned that the fall 2024 bond issuances and changes such as homestead-exemption shifts could affect that ratio in next year's rating, and pledged to monitor the indicator closely. He also described the rating'scale (A'F; scores below 70 are substandard) and how indicators are grouped into solvency and financial categories.
Board response and next steps: trustees asked no substantive follow-up questions during the presentation; Monde closed by offering to answer additional questions and to continue tracking the one indicator that lost points. The district will publish the summarized first rating materials as required by state law and maintain the AFR and supporting documents on the district website.
Ending: The district'level rating reflects the 2023'24 audited year and falls one year behind the district's current fiscal work; Monde said Willis ISD recently completed the 2024'25 audit and will report future results when the state'issued ratings are compiled.