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Schools FIRST DeSoto ISDs Report on Texas Education Agencys FIRST Financial Integrity Rating System of Texas For the Year Ended August 31, 2011 1.

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Presentation on theme: "Schools FIRST DeSoto ISDs Report on Texas Education Agencys FIRST Financial Integrity Rating System of Texas For the Year Ended August 31, 2011 1."— Presentation transcript:

1 Schools FIRST DeSoto ISDs Report on Texas Education Agencys FIRST Financial Integrity Rating System of Texas For the Year Ended August 31,

2 Determination of Ratings If a district answers NO to Indicators 1, 2, 3 or 4 – Or to BOTH 5 & 6 – It is an automatic Substandard Achievement. Indicators 7-22 are awarded a point value based on performance = Superior Achievement = Above Standard Achievement = Standard Achievement <52 or No to 1 default = Substandard Achievement 2

3 1 of 20 INDICATORS 1.Was the Total Fund Balance less Nonspendable and Restricted Fund Balance > 0 in the General Fund? Does the DeSoto ISD have funds set aside for a rainy day? YES - $6,005,876 - $329,663 = $5,676,213 > 0 General Fund Balance Restricted Fund Balance 3

4 2 of 20 INDICATORS 2.Was the Total Unrestricted Net Asset Balance In the Governmental Activities Column in the Statement of Net Assets Greater than Zero? Do total assets exceed total liabilities? YES – $62,912,689 > 0 4

5 3 of 20 INDICATORS 3. Were there No Disclosures in the Annual Financial Report and/or Other Sources of information concerning Default on Bond Obligations? Does the DeSoto ISD make Bond Payments on time? YES – Never Late On Bond Payments 5

6 4 of 20 INDICATORS 4. Was the Annual Financial Report filed within One Month of the January 28 th Deadline? Was the audit filed on time? YES – January 11,

7 5 of 20 INDICATORS 5. Was there an Unqualified Opinion in the Annual Financial Report? A qualified opinion means that the district needs to correct something in its reporting or financial controls. YES – Unqualified Opinion 7

8 6 of 20 INDICATORS 6. Did the Annual Financial Report NOT Disclose any instance(s) of Material Weaknesses in Internal Controls? Did the DeSoto ISD have a clean audit? YES – No Material Weaknesses 8

9 9 7 of 20 INDICATORS 7. Was the Three-Year Average Percent of Total Tax Collections (Including Delinquent) Greater than 98%? Is DeSoto ISD keeping up with tax collections? Yes %>98%

10 8 of 20 INDICATORS 8.Did the comparison of PEIMS data to like information in Annual Financial Report result in an aggregate variance of less than 3 percent? Does the district PEIMS submitted information match the Audit Report? YES – There was ZERO variance – 5 Points 10

11 9 of 20 INDICATORS 9.Were debt related expenditures (Net of EDA Allotment) $200,000) Is DeSoto ISD spending money on education or fancy buildings? Continued Next Page 11

12 9 of 20 INDICATORS continued 9. (cont.) NO - Debt related expenditures = $ not < $ NO - Five year percent change in students 6.16% not > 7% YES - Property taxes per penny of tax effort $210, > $200, Points 12

13 10 of 20 INDICATORS 10.Was there NO disclosure in the Annual Financial Report of Material Noncompliance? Did the district comply with the laws, rules, and regulations for a government entity? Yes – No Material Noncompliance - 5 points 13

14 11 of 20 INDICATORS continued 11.Did the district have Full Accreditation Status in relation to financial management practices? TEA did not take control of the district due to financial issues such as fraud or a negative fund balance. YES – Full Financial Accreditation – 5 Points 14

15 12 of 20 INDICATORS 12.Was the Aggregate of Budgeted Expenditures < Aggregate of Total Revenues, and Fund Balance? Did the district not budget more than it could afford to spend? $64,199,061 + $5,823,231 - $67,061,811 YES - $2,960,481 > 0 – 5 Points Budgeted Revenue Fund Balance Budgeted Appropriations 15

16 13 of 20 INDICATORS 13.Were construction projects adequately financed? (To avoid creating or adding to the fund balance deficit.) Can the DeSoto ISD build new facilities without damaging the fund balance? $6,005,876 + $14,964,759 = $20,970,635 YES - $20,970,635 > 0 – 5 Points General Fund Balance Construction Fund Balance Aggregate Fund Balance 16

17 14 of 20 INDICATORS 14.Was the ratio of Cash and Investments to Deferred Revenues (Excluding Net of Delinquent Taxes Receivable) in the General Fund = or > 1:1? (If Deferred Revenues Are Less Than Net Delinquent Taxes Receivable) Does the district have sufficient cash and investments to balance fund balance monies such as TEA overpayments (deferred revenue)? Continued Next Page 17

18 14 of 20 INDICATORS continued 14. (cont.) $1,695,917 - $1,674,121 = $21,796 > 0 YES - $5,647,502 ÷ $21,796 = Points Deferred Revenue Property Tax Receivable 18 Cash in General Fund

19 15 of 20 INDICATORS 15.Was the Administrative Cost Ratio < the Threshold Ratio? Did the DeSoto ISD stay under the cap of 12.5% as prescribed for a district of its size? YES – 8.88% < 12.5% - 5 Points 19

20 16 of 20 INDICATORS 16.Was the Ratio of Students to Teachers within the ranges shown below? *Range for ratio for districts with student population Low 13 High 22. 9,165 ÷ = YES – – 5 Points Students FTE Teachers 20

21 17 of 20 INDICATORS 17.Was the Ratio of Student to Total Staff within the ranges shown below? *Range for ratio for districts with student population Low 6.8 High 14. 9,165 ÷ 1, = YES – Points StudentsFTE Total Staff 21

22 18 of 20 INDICATORS 18.Was the decrease in Undesignated Fund Balance Operating Expenditures in the General Fund. AMENDED INDICATOR Is the district not feeding off its fund balance for things like salaries and operating costs? 22

23 18. (cont.) of 20 INDICATORS continued General Fund Balance 2 Years Ago General Fund August 31, 2009 Two Year Percentage Change $9,664,698 - $5,676,213 = 41.27% NO – 47.27% 20% Total Revenues Expenditures inDifferenceGeneral Fund $59,098,716 - $58,992,195 = $106,521 YES - $106, Points

24 19 of 20 INDICATORS 19.Was the Aggregate Total of Cash and Investments in the General Fund > $0? Does DeSoto ISD have money in the bank or investments? YES - $5,647,502 > 0 – 5 Points 24

25 20 OF 20 INDICATORS 20.Were Investment Earnings in All Funds (Excluding Debt Service and Capital Projects) Meet or Exceed the 3-month Treasury Bill Rate? AMENDED INDICATOR Is DeSoto ISD optimizing its cash and reserve funds? YES – % 0.095% % 0.095% 5 Points Interest Earnings 3-Month T-bill 25

26 DESOTO ISD SUPERIOR ACHIEVEMENT 70 POINTS 26

27 QUESTIONS Questions about 20 Indicators Questions about additional disclosure information in packet Questions about narrative information in packet Questions about any other information related to FIRST rating or System 27


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