Schools First Financial Reports

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Schools First Financial Reports

  1. 1. • 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
  2. 2. • 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
  3. 3. 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
  4. 4. 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
  5. 5. 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
  6. 6. 3. Were there NO disclosures in the annual financial report and/or other sources of information concerning default on bonded indebtedness obligations? Yes4. 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
  7. 7. 5. Was there an unqualified opinion on annual financial report? Yes6. Did the annual financial report not disclose any instances(s) of material weaknesses in Internal Controls? Yes 8 Financial Integrity Rating System of Texas
  8. 8. 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
  9. 9. 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
  10. 10. 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
  11. 11. 10. Was there no disclosure in the annual audit report of material noncompliance? Yes – 5 points11. 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. 12. 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. 13. 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. 14. 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. 15. 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. 16. 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
  17. 17. 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
  18. 18. 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
  19. 19. 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
  20. 20. Scored 60 out of 70 possible points!ABOVE STANDARD ACHIEVEMENT 23 Financial Integrity Rating System of Texas
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