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Red Oak ISD keeps 'Superior' FIRST rating, scores 98 after timing-related cash shortfall
Summary
Dr. Bill Johnston told the school board that Red Oak ISD earned a 98/100 'Superior' Financial Integrity Rating System of Texas score but lost 2 points because some receivables had not posted by June 30; the district reported an unmodified audit and $56 million in net assets.
Dr. Bill Johnston addressed the Red Oak ISD board during a public hearing on the state Financial Integrity Rating System of Texas (FIRST), saying the district scored 98 out of 100 and retained a 'Superior' rating despite losing two points tied to the district's days-of-cash calculation.
Johnston said the district's audit received an unmodified opinion and that Red Oak had roughly $56,000,000 in net assets and about 111 days of operating expenditures covered by fund balance. He attributed the two-point loss to timing: about $5,000,000 in receivables…
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