Frenship ISD posts 90/100 on TEA FIRST report, earns 20th consecutive "Superior" rating
Summary
At a board meeting, Frenship ISD Director of Finance Hunter Locasio presented the district—s FIRST (Financial Integrity Rating System of Texas) report and said the district scored 90 out of 100 possible points, earning a "superior" rating for the 20th consecutive year.
At a board meeting, Frenship ISD Director of Finance Hunter Locasio presented the district—s Financial Integrity Rating System of Texas (FIRST) report and said the district scored 90 out of 100 possible points, earning a "superior" rating for the 20th consecutive year. "We earned a 90% for 2425," Locasio said, explaining the 2425 FIRST report is based on audited 2023—24 financial data.
The FIRST system, produced by the Texas Education Agency, evaluates 21 indicators across critical, solvency and competency categories. Locasio told the board the district passed all five critical indicators (timely audit submission, unmodified audit opinion, debt compliance, TRS payments and a positive unrestricted net position) and scored strongly on the solvency and competency measures.
Locasio cited specific metrics the board reviewed: 205 days of cash on hand and current investments in the general fund (an increase from 192 days the prior year); a current-assets-to-current-liabilities ratio of about 2.14:1; and that general fund revenues exceeded expenditures for the audited year. He said the district—s PEIMS and AFR comparison produced a variance of $3,382 on more than $113 million in expenditures (about 0.003 percent), which he described as rounding-level differences from data imports. He also reported the external auditor found no material weaknesses and no material noncompliance for grants, contracts or applicable laws.
The presentation noted required financial disclosures were posted on the district website, the district had not received an adjusted repayment schedule related to foundation school program over-allocations and that administration and board discussion of funding changes occurred within the timeframe required before budget adoption. Locasio attributed the results to rising property values and steady enrollment.
Farley Reeves prepared the written FIRST report, Locasio said; he presented the report to the board as the staff messenger and invited trustees— questions. Board members thanked finance staff for the work producing the audit and FIRST materials. The public hearing opened for the FIRST report and no public speakers had been added during the meeting.
Why it matters: The FIRST rating is a TEA transparency tool intended to inform taxpayers and stakeholders about a district—s financial practices and condition. A "superior" rating across multiple years is an indicator the district has maintained the financial metrics and documentation TEA evaluates.
Sources: Remarks by Director of Finance Hunter Locasio during the public hearing on the FIRST report and presentation slides included in the meeting packet.
