The Texas Education Agency has awarded Frisco ISD with an A or Superior rating for financial management for the 2017 fiscal year.
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 FIRST ratings are calculated using 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.
Of the more than 1,100 school districts and charters across the state, Frisco ISD was among the 80 percent to earn the highest rating possible for 2017-18, a designation FISD has maintained since the program’s inception.
The school district held a public hearing on the rating, as required by state law, during the regular School Board meeting this week.
Ratings for 2017-18 are based on annual financial reports provided to TEA by districts and charters for the 2017 fiscal year. The financial accountability system requires TEA to review the audited financial reports from all districts and charters.
A school district or open-enrollment charter is assigned one of four possible letter grades (A, B, C or F), as well as a coinciding financial management rating (Superior, Above Standard Achievement, Meets Standard or Substandard Achievement).
For more information on Frisco ISD’s FIRST rating, view the presentation from the Board meeting or watch the archived video online.