During the December 16, 2024, school board meeting,
DeSoto Independent School District administrators announced significant strides
in financial management and accountability, as shown in the latest Financial
Integrity Rating System of Texas (FIRST) report from the Texas Education Agency
(TEA).
This report is
designed to encourage and measure standards and operations expectations for
Texas public schools in managing financial resources to provide the maximum
allocation possible for direct instructional purposes.
According to
the TEA, the district successfully met critical financial standards set by the
agency showing transparency, improved compliance and fiscal management
practices. The FIRST report evaluates districts across Texas on key financial
indicators such as timely submission of financial reports, compliance with debt
obligations, and securing unmodified audit opinions.
DeSoto ISD met
these critical milestones signaling a commitment to sound financial oversight
and operational excellence.
The district
increased its overall score from a 74 to an 82 as the result of the intentional
effort to grow and adhere to the standards set forth under the FIRST Financial
Rating System. By achieving compliance, DeSoto ISD reflects a stable financial
trend and disciplined management of resources.
Other
significant highlights in the report include:
•
Indicator 2: The district earned an unmodified opinion
on its annual financial report, reaffirming accuracy and transparency in
financial reporting, as validated by external auditors.
•
Indicator 3: DeSoto ISD remained in compliance with
payment terms on all debt agreements
•
Indicator 4: The district made timely payments to
government agencies such as the Teacher Retirement System (TRS), Texas
Workforce Commission (TWC), and the Internal Revenue Service (IRS),
demonstrating the districts’ reliability and strong financial oversight.
In addition, DeSoto
ISD also excelled in cash-on-hand management, which the district maintained
sufficient reserves to cover operating expenses which is outlined in Indicators
seven and eight.
The district’s
financial leadership has worked diligently to enhance processes, such as
meeting critical reporting deadlines, ensuring audit integrity, and adhering to
payment schedules and DeSoto ISD remains committed to strengthening its
financial foundation to better support students, staff, and the broader
community.
For more information about DeSoto ISD and the
FIRST report, visit DeSotoisd.org and DeSoto ISD’s financial transparency page.