Frisco ISD has once again achieved the top rating in the School Financial Integrity Rating System of Texas (FIRST), a designation the District has maintained since the program’s inception in 2001.
FIRST is designed to provide additional transparency to public education finance and meaningful financial oversight and improvement for school districts.
Frisco ISD was among the 87 percent of Texas school districts to achieve an A or Superior rating for 2018-19, which was based on the District’s annual financial report for the 2018 fiscal year. The financial accountability system requires TEA to review the audited financial reports from all districts and charters.
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.
All school districts and charters are required to report information and financial accountability ratings to parents and taxpayers. In addition, districts and charters must hold a public discussion or hearing regarding its financial report.
Frisco ISD hosted its public hearing and presentation on the FIRST rating during the November 2019 Board meeting. Click here to view the presentation or here to watch the video.
FISD will provide a preview of its 2019-20 FIRST rating, based on the audited annual financial report for the 2019 fiscal year, at the December Board meeting.