Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Forney ISD reports A rating under Texas financial integrity review
Summary
At a public hearing, Forney ISD officials reported the district received an A (score: 92) on the Financial Integrity Rating System of Texas, two points higher than last year; no board action was required.
John Chase, associate superintendent for business and finance, told the Forney ISD Board of Trustees at a public hearing that the district received an A rating from the Financial Integrity Rating System of Texas, with an overall score of 92, two points higher than the prior year.
Chase said the rating is based on data submitted for the fiscal year and measured across 21 indicators grouped into critical indicators, solvency, and financial competency. He described critical indicators as items that, if failed, would trigger an automatic F; examples include timely filing of the annual financial report and making required payments to debt service, the Teacher Retirement System of Texas, the Texas Workforce Commission and the IRS.
Chase summarized solvency and competency indicators as measures of the district’s ability to meet short- and long-term obligations and to manage finances, citing items such as positive net position, general fund balance stability, cash sufficiency, revenue exceeding expenditures, and accurate data submission that aligns with the financial audit. "I'm happy to report tonight that the district did receive an A rating. Our actual score was a was a 92, which is 2 points higher than than the prior year," Chase said.
Board president Greg Farris opened and closed the public hearing per procedure; the board took no formal action on the rating. The public hearing was closed at 7:22 p.m.
