CYPRESS-FAIRBANKS ISD RECEIVES SUPERIOR RATING IN STATE’S NEW FINANCIAL ACCOUNTABILITY SYSTEM
The Cypress-Fairbanks Independent School District has received a rating of "Superior Achievement" under Texas’ new Schools FIRST financial accountability rating system. The Superior Achievement rating is the state’s highest mark, which is an indicator of the quality of the district’s financial management and reporting system.
A public hearing on the district’s Schools FIRST rating will be conducted during the Board of Trustees’ work session scheduled for October 9 beginning at 6 p.m. in the Board Room of the Instructional Support Center, 10300 Jones Road.
This is the first year for Schools FIRST (Financial Accountability Rating System of Texas) that was developed by the Texas Education Agency (TEA) in response to Senate Bill 218 passed by the 77th Legislature in 2001. The primary objective 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 and the current funding crisis in public education.
"This new accountability system and ‘Superior’ rating is a testament to the district’s efficiency, wise financial planning and fiscal responsibility," said Superintendent Rick Berry. "In the years prior to the state’s new accountability system, the district’s financial management was frequently highlighted in analyses conducted by both TEA and the Texas Association of School Business Officials (TASBO). This new designation is further indicative that the taxpayers of CFISD are getting the most for their tax dollars."
The district’s efficient fiscal planning has garnered the recognition of national organizations as well. For the past seven years, the district has been awarded the Certificate of Excellence in Financial Reporting by the Association of School Business Officials, and the Certificate of Excellence from the Government Finance Officers Association. Additionally, the district’s bond ratings from Moody’s Investors Service and Standard and Poor’s were increased twice during that seven-year period while Fitch IBCA has increased the bond rating three times in the last five years.
The Schools FIRST accountability rating system assigns one of four financial ratings to Texas school districts, with the highest being "Superior Achievement," followed by "Above-Standard Achievement," "Standard Achievement" and "Substandard Achievement." Districts with serious data quality problems may receive the additional rating of "Suspended— Data Quality." Districts receiving either of the two latter ratings under the new accountability system must file a corrective action plan with the Texas Education Agency.
The district’s rating is based upon an analysis of staff and student data reported for the 2001-02 school year and the budgetary and actual financial data for the 2002 fiscal year. All areas of the district’s financial management was reviewed according to 21 indicators, the first three of which were especially strict. A negative response to any of the first few criteria could have resulted in an automatic "Substandard" rating.
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