Frisco ISD has once again achieved the state’s top financial accountability rating, a designation the District has maintained since the program’s inception.
Created by the 77th Texas Legislature in 2001, the School Financial Integrity Rating System of Texas (FIRST) is designed to encourage public schools to better manage their financial resources to provide the maximum allocation possible for direct instructional purposes.
The 2015-2016 ratings are based on annual financial reports provided to Texas Education Agency by districts and charters from the 2015 fiscal year. The financial accountability system requires TEA to review the audited financial reports from all districts and charters.
The FIRST ratings are based on 15 financial indicators, such as administrative cost expenditures; the accuracy of a district or charter’s financial information submitted to TEA; and any financial vulnerabilities or material weaknesses in internal controls as determined by an external auditor.
Based on the submitted information, a school district or charter is assigned one of four possible letter grades (A, B, C or F), as well as a coinciding financial management ratings – Superior, Above Standard Achievement, Meets Standard or Substandard Achievement.
Frisco ISD received an A or Superior rating, earning 98 of 100 possible points.
Learn more about the rating system.