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Schools First Financial Reports
• Originated by SB218 of the 77th Texas
  Legislature in 2001.
     Amended in 2007 and 2009
• Expands the public education accountability
  system in Texas to the Financial Services.
• Primary goal to improve management of
  school district’s financial resources.




                        2             Financial Integrity Rating
                                          System of Texas
• Assess the quality of financial
  management in Texas public schools.
• Fairly evaluate the quality of financial
  management decisions.
• Openly report results to the general
  public.




                    3           Financial Integrity Rating
                                    System of Texas
Scores based on summation of points on
       20 indicators: Maximum of 70 points:

 Superior Achievement                   64-70
 Above Standard Achievement             58-63
 Standard Achievement                   52-57
 Substandard Achievement                <52
 (No points awarded on questions 1-6)




                          4                Financial Integrity Rating
                                               System of Texas
1. Was the total fund balance less reserved fund
   balance greater than zero in the general fund?
   Yes

         Total Fund Balance     $9,628,234
               Less Reserves      (152,121)
                                $9,476,113




                          5             Financial Integrity Rating
                                            System of Texas
2. Was the total unrestricted net asset balance (net
   of accretion of interest on capital appreciation
   bonds) in the governmental activities column in
   the Statement of Net Assets greater than Zero?
   (If the District’s 5 year % change in students was
   more than 10%, then answer is “YES”.)
   Yes

   Total Unrestricted Net Assets         $10,744,757
   Plus: Accretion of Interest for CAB’s     280,215
                                         $11,024,972


                            6              Financial Integrity Rating
                                               System of Texas
3. Were there NO disclosures in the annual financial report
   and/or other sources of information concerning default
   on bonded indebtedness obligations?
   Yes

4. Was the annual financial report filed within one month
   after the November 27th or January 28th deadline
   depending upon the district’s Fiscal Year end date (June
   30th or August 31st)?
   Yes
                  Due            12/28/11
                  Filed          12/01/11


                             7              Financial Integrity Rating
                                                System of Texas
5. Was there an unqualified opinion on annual financial
   report?
   Yes


6. Did the annual financial report not disclose any
   instances(s) of material weaknesses in Internal
   Controls?
   Yes




                           8             Financial Integrity Rating
                                             System of Texas
7. Was the three-year average percent of total tax
   collections (including delinquent) greater than 98%
   Yes - 5 points


      3-Year Total Tax Collections   $201,993,459
      3-Year Total Tax Levy            201,680,655
                                     -----------------
      Percent Collected Equals          100.16%




                               9           Financial Integrity Rating
                                               System of Texas
8. Did the comparisons of PEIMS data to like information
   in annual financial report result in an aggregate
   variance of less than 3 percent of expenditures per
   fund type (Data Quality Measure)?
   Yes – 5 points


       Sum of Differences                        $ 37
       Total Entries                     $124,177,565
                        0.000% < 3.00%




                             10              Financial Integrity Rating
                                                 System of Texas
9. Were debt related expenditures (net of IFA and/or EDA
   allotment) less than $350 per student? (If the District’s
   five-year percent change in students = or > 7%, or if
   property taxes collected per penny of tax effort >
   $200,000, then answer this indicator “YES”)?
   Yes – 5 points
                      $1,306 is not < $350
                            however
                9.5% change in students is > 7%
                              and
                $530,395 > $200,000 of tax effort



                              11                Financial Integrity Rating
                                                    System of Texas
10. Was there no disclosure in the annual audit report of
    material noncompliance?
    Yes – 5 points


11. Did the District have full accreditation status in relation
    to financial management practices? (e.g.: No conservator
   or monitor assigned.)
   Yes – 5 points




                              12               Financial Integrity Rating
                                                   System of Texas
12. Was the aggregate of budgeted expenditures and other
    uses less than the aggregate of total revenues, other
    resources and fund balance in general fund?
    Yes – 5 points

       Budgeted Revenues              $86,183,693
     + Budgeted Other Resources                  0
     + Beginning Fund Balance           13,068,708
     - Budgeted Appropriations        (86,183,708)
     - Budgeted Other Uses                       0
                                       $13,068,693



                            15            Financial Integrity Rating
                                              System of Texas
13. If the District’s aggregate fund balance in the General
    Fund and Capital Projects Fund was less than zero,
    were construction projects adequately financed? (to
    avoid creating or adding to a fund balance deficit
    situation)
    Yes – 5 points

         Fund Balance in General Fund        $9,628,234
       + Fund Balance in Capital Projects    86,977,694
                                            $96,605,928




                              16                Financial Integrity Rating
                                                    System of Texas
14. Was the ratio of cash and investments to deferred
    revenues (excluding amount equal to net delinquent
    taxes receivables) the General Fund = or > 1:1? (If
    deferred revenues < Net delinquent taxes receivable,
    then answer this indicator “Yes”.)
    Yes – 5 points
     Deferred Revenue in Gen. Fund                  $1,133,047
     Less Property Tax Rec. Net of Uncollectible    $1,811,671
                                                     ($678,624)

     Cash and Investments in Gen Fund              $12,075,580



                              17               Financial Integrity Rating
                                                   System of Texas
15.Was the administrative cost ratio less than the threshold
   ratio?
   Yes – 5 points


             District         State Standard
             0.1009      <         0.125




                             18              Financial Integrity Rating
                                                 System of Texas
16. Was the ratio of students 17. Was the ratio of students
    to teachers within the        to total staff within the
    ranges shown below            ranges shown below
    according to District size?   according to District size?
    Yes – 3 points                Yes – 2 points
       12.6018 (107% of 13.5)               6.2387 (112% of 7.0)
   # of Students   Low     High        # of Students     Low         High
       <500        7.0      22             <500           5.0         14
    500 - 999      10.0     22          500 - 999         5.8         14
   1000 - 4999     11.5     22         1000 - 4999        6.3         14
   5000 - 9999     13.0     22         5000 - 9999        6.8         14
    =>10,000       13.5     22          =>10,000          7.0         14


                                  19                   Financial Integrity Rating
                                                           System of Texas
18. Was The Decrease In Undesignated Unreserved
    Fund Balance < 20% Over Two Fiscal Years?(If Total
    Revenues > Operating Expenditures In The General
    Fund, Then District Receives 5 Points)
      No – 0 points
   Undesignated Fund Balance at year end    $9,476,113
   Undesignated Fund Balance-2 yrs prior   $16,155,882
   Percentage Increase(Decrease)              (41.35%)




                             21            Financial Integrity Rating
                                               System of Texas
19. Was the aggregate total of cash and investments in
    the General Fund more than $0?
   Yes – 5 points

             Cash + Investments = $12,075,580




                             21                 Financial Integrity Rating
                                                    System of Texas
20. Were Investment Earnings In All Funds (Excluding Debt
   Service Fund and Capital Projects Fund) Meet or
   Exceed the 3-Month Treasury Bill Rate?
   Yes – 5 points
   Cash & Investment Earnings
         Current Fiscal Year               13,456,988
         Prior Fiscal Year                 15,335,526
   Investment Earnings               0.3899% or $56,134
   3-Month Treasury Bill Rate        0.0950%




                                22                Financial Integrity Rating
                                                      System of Texas
Scored 60 out of 70
      possible points!

ABOVE STANDARD ACHIEVEMENT



              23       Financial Integrity Rating
                           System of Texas
26

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Schools First Financial Reports

  • 2. • Originated by SB218 of the 77th Texas Legislature in 2001.  Amended in 2007 and 2009 • Expands the public education accountability system in Texas to the Financial Services. • Primary goal to improve management of school district’s financial resources. 2 Financial Integrity Rating System of Texas
  • 3. • Assess the quality of financial management in Texas public schools. • Fairly evaluate the quality of financial management decisions. • Openly report results to the general public. 3 Financial Integrity Rating System of Texas
  • 4. Scores based on summation of points on 20 indicators: Maximum of 70 points:  Superior Achievement 64-70  Above Standard Achievement 58-63  Standard Achievement 52-57  Substandard Achievement <52  (No points awarded on questions 1-6) 4 Financial Integrity Rating System of Texas
  • 5. 1. Was the total fund balance less reserved fund balance greater than zero in the general fund? Yes Total Fund Balance $9,628,234 Less Reserves (152,121) $9,476,113 5 Financial Integrity Rating System of Texas
  • 6. 2. Was the total unrestricted net asset balance (net of accretion of interest on capital appreciation bonds) in the governmental activities column in the Statement of Net Assets greater than Zero? (If the District’s 5 year % change in students was more than 10%, then answer is “YES”.) Yes Total Unrestricted Net Assets $10,744,757 Plus: Accretion of Interest for CAB’s 280,215 $11,024,972 6 Financial Integrity Rating System of Texas
  • 7. 3. Were there NO disclosures in the annual financial report and/or other sources of information concerning default on bonded indebtedness obligations? Yes 4. Was the annual financial report filed within one month after the November 27th or January 28th deadline depending upon the district’s Fiscal Year end date (June 30th or August 31st)? Yes Due 12/28/11 Filed 12/01/11 7 Financial Integrity Rating System of Texas
  • 8. 5. Was there an unqualified opinion on annual financial report? Yes 6. Did the annual financial report not disclose any instances(s) of material weaknesses in Internal Controls? Yes 8 Financial Integrity Rating System of Texas
  • 9. 7. Was the three-year average percent of total tax collections (including delinquent) greater than 98% Yes - 5 points 3-Year Total Tax Collections $201,993,459 3-Year Total Tax Levy 201,680,655 ----------------- Percent Collected Equals 100.16% 9 Financial Integrity Rating System of Texas
  • 10. 8. Did the comparisons of PEIMS data to like information in annual financial report result in an aggregate variance of less than 3 percent of expenditures per fund type (Data Quality Measure)? Yes – 5 points Sum of Differences $ 37 Total Entries $124,177,565 0.000% < 3.00% 10 Financial Integrity Rating System of Texas
  • 11. 9. Were debt related expenditures (net of IFA and/or EDA allotment) less than $350 per student? (If the District’s five-year percent change in students = or > 7%, or if property taxes collected per penny of tax effort > $200,000, then answer this indicator “YES”)? Yes – 5 points $1,306 is not < $350 however 9.5% change in students is > 7% and $530,395 > $200,000 of tax effort 11 Financial Integrity Rating System of Texas
  • 12. 10. Was there no disclosure in the annual audit report of material noncompliance? Yes – 5 points 11. Did the District have full accreditation status in relation to financial management practices? (e.g.: No conservator or monitor assigned.) Yes – 5 points 12 Financial Integrity Rating System of Texas
  • 13. 12. Was the aggregate of budgeted expenditures and other uses less than the aggregate of total revenues, other resources and fund balance in general fund? Yes – 5 points Budgeted Revenues $86,183,693 + Budgeted Other Resources 0 + Beginning Fund Balance 13,068,708 - Budgeted Appropriations (86,183,708) - Budgeted Other Uses 0 $13,068,693 15 Financial Integrity Rating System of Texas
  • 14. 13. If the District’s aggregate fund balance in the General Fund and Capital Projects Fund was less than zero, were construction projects adequately financed? (to avoid creating or adding to a fund balance deficit situation) Yes – 5 points Fund Balance in General Fund $9,628,234 + Fund Balance in Capital Projects 86,977,694 $96,605,928 16 Financial Integrity Rating System of Texas
  • 15. 14. Was the ratio of cash and investments to deferred revenues (excluding amount equal to net delinquent taxes receivables) the General Fund = or > 1:1? (If deferred revenues < Net delinquent taxes receivable, then answer this indicator “Yes”.) Yes – 5 points Deferred Revenue in Gen. Fund $1,133,047 Less Property Tax Rec. Net of Uncollectible $1,811,671 ($678,624) Cash and Investments in Gen Fund $12,075,580 17 Financial Integrity Rating System of Texas
  • 16. 15.Was the administrative cost ratio less than the threshold ratio? Yes – 5 points District State Standard 0.1009 < 0.125 18 Financial Integrity Rating System of Texas
  • 17. 16. Was the ratio of students 17. Was the ratio of students to teachers within the to total staff within the ranges shown below ranges shown below according to District size? according to District size? Yes – 3 points Yes – 2 points 12.6018 (107% of 13.5) 6.2387 (112% of 7.0) # of Students Low High # of Students Low High <500 7.0 22 <500 5.0 14 500 - 999 10.0 22 500 - 999 5.8 14 1000 - 4999 11.5 22 1000 - 4999 6.3 14 5000 - 9999 13.0 22 5000 - 9999 6.8 14 =>10,000 13.5 22 =>10,000 7.0 14 19 Financial Integrity Rating System of Texas
  • 18. 18. Was The Decrease In Undesignated Unreserved Fund Balance < 20% Over Two Fiscal Years?(If Total Revenues > Operating Expenditures In The General Fund, Then District Receives 5 Points) No – 0 points Undesignated Fund Balance at year end $9,476,113 Undesignated Fund Balance-2 yrs prior $16,155,882 Percentage Increase(Decrease) (41.35%) 21 Financial Integrity Rating System of Texas
  • 19. 19. Was the aggregate total of cash and investments in the General Fund more than $0? Yes – 5 points Cash + Investments = $12,075,580 21 Financial Integrity Rating System of Texas
  • 20. 20. Were Investment Earnings In All Funds (Excluding Debt Service Fund and Capital Projects Fund) Meet or Exceed the 3-Month Treasury Bill Rate? Yes – 5 points Cash & Investment Earnings Current Fiscal Year 13,456,988 Prior Fiscal Year 15,335,526 Investment Earnings 0.3899% or $56,134 3-Month Treasury Bill Rate 0.0950% 22 Financial Integrity Rating System of Texas
  • 21. Scored 60 out of 70 possible points! ABOVE STANDARD ACHIEVEMENT 23 Financial Integrity Rating System of Texas
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