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Finance staff holds public hearing on School FIRST rating; district earns B (84)
Summary
At a statutorily required public hearing, district finance staff reviewed the School FIRST financial integrity indicators (based on FY2023-24) and explained an overall score of 84 ("B"/above standard), noting strong auditor opinion and liquidity metrics but shortfalls on certain indicators largely tied to timing and a prior-year deficit.
District finance staff held the required public hearing on the Texas School FIRST financial integrity rating (the 2024-25 rating based on fiscal year 2023-24 data) and walked trustees and the public through the 21 indicators the Texas Education Agency uses. Staff said the district received an unmodified (unqualified) auditor opinion and achieved full points on several indicators (e.g., current assets-to-liabilities ratio 3.2823; administrative cost ratio 0.0887). However, the district missed full points on cash-on-hand and general fund revenues vs. expenditures: staff reported cash-on-hand at 59.0455 days (the threshold for full points is >90 for one indicator and 60 days for another), and noted a prior-year deficit that removed points on Indicator 9.
Finance staff explained that timing affected cash-on-hand figures: the district had a $7,200,000 receivable from the state at year-end that was paid in July and August and therefore did not appear as cash on June 30. "At 06:30, we had a $7,200,000 receivable from the state, which they paid out July and August," staff said, noting that receivables affect cash timing though they ultimately contribute to fund balance. The resulting overall score was 84, which staff characterized as "above standard." The hearing also covered required FIRST disclosures (superintendent and board reimbursements, contracts and gifts) and the district's posted materials on the website.
