Sherman ISD Building Bearcats Magazine October 2016 Inaugural Issue | Page 12

Sherman ISD Earns
State’s Highest Fiscal
Accountability Rating
Sherman ISD received a rating of “A=Superior”
on the state’s financial accountability system, the
School Financial Integrity Rating System of Texas
(FIRST), marking the sixth consecutive year, and the
ninth time in the past 10 years the district has earned
the state’s highest rating, and the ninth time in the
past 10 years the district has received the state’s
highest rating.
“We have a great team and outstanding leadership
here in Sherman ISD that allows us to far exceed the
state requirements related to financial accountability
and transparency,” Assistant Superintendent for
Finance and Operations Dr. Tyson Bennett said. “Our
history of strong financial management, shows our
commitment to providing the very best education
possible to Sherman students and families.”
The FIRST rating examines several financial
indicators, including administrative cost
expenditures; the accuracy of a district’s financial
information submitted to the Texas Education
Agency; any financial vulnerabilities or material
weaknesses in internal controls as determined by an
external auditor; and the district’s ability to pay back
debt among others.
During the 2014-2015 fiscal year, Sherman ISD
spent 66.2 percent of its $55.3 million general fund
budget on instruction, and had an administrative
12

Sherman ISD Assistant
Superintendent of Finance and
Operations Dr. Tyson Bennett, seated,
and Mandi Lewis, Director of Finance,
review financial records before a
meeting with district auditors.
cost ratio of 0.07 percent – well under the state’s
recommended 0.1250 percent. The district also had
no material weaknesses in its annual audit and met
all bond payments.
“We are very pleased with this rating, and the fact
that we are being responsible with our taxpayers’
dollars,” Sherman ISD Superintendent Dr. David Hicks
said. “Continued excellence in financial management
shows that our district is not only accountable for
student learning, but also for achieving these results
in a fiscally responsible manner.”
Created by the 77th Texas Legislature in 2001, the
FIRST rating is designed to encourage public
schools to better manage their financial resources to
provide the maximum allocation possible for direct
instructional purposes.
The 2015-2016 ratings are based on annual financial
reports provided to TEA by districts and charters
from the 2014-2015 fiscal year. The financial
accountability system requires TEA to review the
audited financial reports from all districts and
charters. All school districts and charters are required
to report information and financial accountability
ratings to parents and taxpayers. In addition, school
districts and charters must hold a public discussion
or hearing regarding its financial report.