Mansfield ISD Magazine Fall 2019 - Page 5

MISD RECEIVES TOP RECOGNITION FOR FINANCIAL INTEGRITY M ansfield ISD has once again upheld excellence in financial accountability by earning the highest grade in the School Financial Integrity Rating System of Texas (FIRST). MISD has earned a Superior or ‘A’ grade since the inception of the state’s financial accountability system, making it the 17th consecutive year the district has earned the top rating. School FIRST was developed by the Texas Education Agency (TEA) in response to state legislature in 2001. It 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. Mansfield ISD passed all 15 indicators measured. Texas school districts and open- enrollment charters are required to prepare an annual financial accountability report for School FIRST. Ratings released in 2019 were based on budgetary and financial data reported for the 2017-18 fiscal year. Mansfield ISD was also awarded with the Certificate of Achievement for Excellence in Financial Reporting. According to the Government Finance Officers Association of the United States and Canada (GFOA), it is the highest form of recognition in the area of governmental accounting and financial reporting. The award was given for the district’s 2018 comprehensive annual financial report (CAFR). The report was judged by an impartial panel to meet the high standards of the program, which includes demonstrating financial transparency and clear communication. The goal of the MISD Business and Financial Services Department is to ensure that all financial operations support the district’s instructional goals and objectives, providing students with the best education possible. MANSFIELDTODAY 5