Board Agenda - October 02, 2007

IX. Public Hearing: Schools FIRST

Presenter: Richard Matkin

Purpose: B - Update/status report

Time: 10 minutes

Description:

This is the fourth year districts received from the State a financial accountability rating. This rating is based upon an analysis of staff and student data reported for the 2005-06 school year and budgetary and actual financial data for the fiscal year ending June 30, 2006. This rating is called Schools FIRST (Financial Integrity Rating System of Texas). Plano ISD received the highest rating of Superior Achievement.

Each school district in Texas is required to announce and hold a public meeting to distribute a financial management report that explains the district's performance under each of the 21 indicators in the Schools First system and the district's rating. The determination of the rating is established by meeting standards within each indicator. A superior rating is the highest standard given to all districts that meet at least 19 of the 21 performance standards. Attached is a copy of the report sent to the District by the Texas Education Agency (TEA). The District passed all 21 indicators.

The indicators are categorized as:
Fund Balance 4 Standards met
Financial Reporting 5 Standards met
Budgeting/Expenditures 5 Standards met
Administration & Management 3 Standards met
Investments 2 Standards met
Staffing 2 Standards met
Total 21

New disclosure requirements included in the Commissioner's Rule on Title 19, Texas Administrative Code, Chapter 109, increase transparency on financial transactions for the Superintendent and Board of Trustee members.

The primary goal of Schools FIRST is to achieve quality performance in the management of school districts' financial resources, a goal made more significant due to the complexity of accounting associated with the Texas school finance system. This rating shows that Plano ISD's schools are accountable not only for student learning, but also for achieving those results cost effectively and efficiently.

The list of the criteria in this year's rating and for the previous year's report can be reviewed in the Superintendent's Office. New disclosure requirements on the Superintendent's Contract and summary schedules on four additional items are attached.

Recommendation:

No action required. Public invited to comment.

Business Impact:

Summary:

Appendix:

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