District earns perfect score, highest rating on state financial report

For the 13th consecutive year, the Lake Travis Independent School District has received the highest rating under the Texas School Finance Accountability  Rating System. 

The Texas Education Agency developed the Schools Financial Integrity Rating System of Texas—or Schools FIRST—in response to Senate Bill 875 of the 76th Texas Legislature in 1999.  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 Texas’ school finance system.

Schools FIRST was updated in August 2015 to include changes prompted by HB 5 which focus on processes for anticipating the future solvency of school districts.  LTISD’s most recent rating is based on seven indicators covering financial data for fiscal year ending August 31, 2014.  Districts can earn a total of 30 points and are assigned a rating of ‘P’ for ‘Passed’ or ‘F’ for ‘Substandard Achievement.’  LTISD received a perfect score of 30, its first under the revamped system and sixth consecutive perfect score overall.  

“Our score and rating are clear indications of our school board's commitment to the frugal management of taxpayer dollars," LTISD Superintendent of Schools Dr. Brad Lancaster said.  “In particular, this rating speaks well of our low administrative expenditures and optimal fund balance.  Not only is LTISD financially solvent, but perhaps more importantly, we are transparent and fiscally accountable to our taxpayers.  I commend our District’s business office for this impressive achievement.”

For more information about the Financial Integrity Rating System of Texas, visit the Texas Education Agency website linked here.