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LEISD News

Posted on: November 15, 2018

Little Elm ISD Earns an "A" for Financial Accountability

Financial Accountability

The Texas Education Agency (TEA) today released final financial accountability ratings for more than 1,200 school districts and charters across the state, with 99 percent of all Texas school districts and charters earning a successful final rating for 2017-2018. Little Elm ISD received an A letter grade, a superior rating, with a score of 100 out of 100.

 

Created by the 77th Texas Legislature in 2001, the School Financial Integrity Rating System of Texas (FIRST) is designed to encourage public schools to better manage their financial resources to provide the maximum allocation possible for direct instructional purposes.

 

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. Ratings for 2017-2018 are based on annual financial reports provided to TEA by districts and charters for the 2017 fiscal year. The financial accountability system requires TEA to review the audited financial reports from all districts and charters.

 

A school district or open-enrollment charter is assigned one of four possible letter grades (A, B, C or F), as well as a coinciding financial management rating (Superior, Above Standard Achievement, Meets Standard or Substandard Achievement).  


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.

 

To review the final 2017-2018 FIRST ratings for all districts and charters (plus view final FIRST ratings from previous years), visit the TEA website at http://tea.texas.gov/index4.aspx?id=3864.  

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