GCISD School FIRST Rating Report 2021-2022 Fiscal Year
GCISD received a superior rating in the School FIRST based on 2021-2022 fiscal year data. The report highlights the district's financial integrity, compliance with Senate Bill 875, and achievement of top ratings for 20 consecutive years. Critical indicators such as timely submission of audit reports and clean audits were met. Additionally, indicators related to fund balances, cash availability, and asset/liability ratios reflect the district's strong financial management practices.
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School FIRST Rating Report Based on 2021-2022 Fiscal Year Data Rating: Superior
F Financial Integrity Rating System Texas I R S T
School FIRST Senate Bill 875 of the 76th Legislature (1999) Goal Achieve quality performance in management of district financial resources District Requirements: Prepare annual Financial Accountability Management Report Hold public hearing to discuss report and FIRST rating
School FIRST 20 Base Indicators Related to financial, student and staff data Score of 90-100 for Superior Rating GCISD received a score of 92 GCISD has received the top rating each year since inception of the rating system 20 years ago
Indicator #1 Audit report submitted in timely manner Submitted within 30 days after November 27th due date Critical Indicators Indicator #2 - Unmodified audit opinion and free of material weaknesses in internal controls Clean Audit- No Findings Indicator #3 - Compliance with Debt Agreements All debt payments were made timely Indicator #4 Timely payments to TRS and other government agencies All payments made in a timely manner and GCISD was not issued a warrant hold on state funds.
Indicator #5 Not being scored for 2021-2022 Other Indicators Indicator #6 Average change in (assigned & unassigned) fund balances over 3 years is less than a 25% decrease The average decrease over the last 3 years has been 7.29% Indicator #7 Sufficient available cash and investments to cover operating costs $118.03 Million as of June 30, 2022 Sufficient to cover operating expenditures for more than 90 days
Indicator #8 & #11 Sufficient asset and liability ratios Short-term assets vs. short-term liabilities ratio: 2.37 Long-term assets vs. long-term liabilities ratio: .6142 Ratios are within sufficient range to cover short-term and long-term liabilities Other Indicators
Indicator #9 General fund revenues were equal to or exceeded expenditures (excluding facilities acquisition & construction) Expenditures exceeded revenues by $6.9 million for the year ended June 30, 2022 The District s cash on hand exceeded 60 days. Other Indicators Indicator #10 Not being scored for 2021-2022
Indicator #12 Correlation between future debt requirements & assessed property value Based on the 2021 assessed property values of $16.6 Billion, the tax collections generated will provide sufficient revenue to cover long-term liabilities including outstanding bonds. Other Indicators Indicator #13 Sufficient administrative cost ratio 8.73% District Ratio > 8.55% State Threshold Compares expenditures of function 21-Instructional Leadership and 41-General Administration as a percentage of other instructional and student support functions.
Indicator #14 Not being scored for 2021-2022 Other Indicators Indicator #15 Not being scored for 2021-2022 Indicator #16 Variance between PEIMS submission and audit report less than 3% No variance
Indicator #17 & #18 Audit report free of any instances of material weaknesses in internal controls over financial reporting and material noncompliance for local, state, or federal funds Other Indicators Indicator #19 Required notices were posted on District s website Indicator #20 Discussion regarding changes and/or impact to local, state, and federal funding at a board meeting within 120 days before the adopted budget o Funding discussed during budget workshops
School FIRST FIRST Management Report Annual Financial Accountability Management Report for 2022-2023 (based on 2021-2022 fiscal year data) with required disclosures is available to the public on the District s website (Financial Services).
