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Sherman ISD earns 'Meets Standard' under Texas finance rating; board opens required public hearing
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Summary
Sherman ISD reported a Texas Education Agency Financial Integrity rating of 76 (Meets Standard) for FY 23‑24; staff cited a drop in cash-on-hand and a revenue/expenditure shortfall and said the finance committee will present plans to rebuild reserves.
Sherman ISD trustees on Monday received a staff presentation on the Texas Education Agency’s school financial integrity rating system and learned the district’s first‑rating score for the 2024–25 cycle was 76, classified as “Meets Standard Achievement.” Mandy Lewis, who presented the results, said the rating is based on financial data for the year ending June 30, 2024.
Lewis told trustees the district met four mandatory yes/no indicators — timely AFR submission, an unmodified audit opinion, timely debt‑service payments and timely payments to government agencies — and reported a net position for the audited year of “about $92,000,000.” She said TEA performs the calculations and that Sherman may protest any results if staff believes an error occurred.
Staff also outlined the indicators that reduced the district’s score. Lewis said the district had “just under 52 days of cash on hand” as of 06/30/2024 and that on indicator 9 — which asks whether revenues equaled or exceeded expenditures — the district received zero points because expenditures exceeded revenues that year. “Our total score for this year was 76, which is what they consider, meets meets standard achievement,” Lewis said.
Trustees asked for current figures. Lewis said the FY25 audit is delayed by federal processing holdups but that staff will update the board and meet with the board finance committee to present a plan. She also identified an estimated revenue‑protection payment from TI and Global Wafers as part of the plan to replenish fund balance.
The board opened the required public hearing on the district’s financial accountability rating and invited comments; no members of the public spoke during the hearing. Following the presentation, the board moved into a closed session under the Texas Open Meetings Act to consult with counsel on real‑estate and personnel matters; the motion to close was moved and seconded and carried.
Next steps described by staff include a finance‑committee briefing on the district’s updated fund‑balance figures and a public posting of the FIRS and required supplemental disclosures to the district’s website.
